Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Comerica Bank

Comerica Bank decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 287,135 shares of the natural resource company’s stock after selling 9,813 shares during the quarter. Comerica Bank’s holdings in Freeport-McMoRan were worth $13,501,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Oak Thistle LLC acquired a new stake in Freeport-McMoRan in the 4th quarter valued at approximately $417,000. TIAA Trust National Association lifted its holdings in Freeport-McMoRan by 23.3% in the fourth quarter. TIAA Trust National Association now owns 15,305 shares of the natural resource company’s stock worth $652,000 after purchasing an additional 2,897 shares during the period. Stonegate Investment Group LLC grew its position in Freeport-McMoRan by 1.3% in the 4th quarter. Stonegate Investment Group LLC now owns 27,165 shares of the natural resource company’s stock valued at $1,156,000 after buying an additional 337 shares in the last quarter. Webster Bank N. A. increased its stake in Freeport-McMoRan by 6,469.2% during the 4th quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock valued at $36,000 after buying an additional 841 shares during the period. Finally, Venturi Wealth Management LLC raised its position in shares of Freeport-McMoRan by 122.5% during the 4th quarter. Venturi Wealth Management LLC now owns 930 shares of the natural resource company’s stock worth $40,000 after buying an additional 512 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Insider Activity

In other news, CAO Stephen T. Higgins sold 80,000 shares of the business’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the completion of the transaction, the chief accounting officer now directly owns 104,377 shares in the company, valued at approximately $5,430,735.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,255,381.95. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Stephen T. Higgins sold 80,000 shares of the stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the completion of the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at approximately $5,430,735.31. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 177,538 shares of company stock worth $9,096,990. Insiders own 0.79% of the company’s stock.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock traded down $1.93 on Thursday, reaching $43.48. 6,937,393 shares of the stock were exchanged, compared to its average volume of 13,623,050. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The firm has a fifty day moving average price of $49.26 and a two-hundred day moving average price of $46.13. The stock has a market cap of $62.46 billion, a PE ratio of 40.19, a PEG ratio of 2.08 and a beta of 1.92.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.39 by $0.07. The company had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.35 EPS. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.67 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Monday, July 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date of this dividend is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 26.55%.

Analyst Ratings Changes

FCX has been the topic of a number of research analyst reports. Morgan Stanley upgraded shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $49.50 to $62.00 in a research note on Friday, June 21st. HSBC upped their price objective on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday, April 23rd. Raymond James dropped their price target on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 24th. Scotiabank reduced their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set a “sector outperform” rating for the company in a research report on Wednesday, July 24th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.07.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.