Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Massmutual Trust Co. FSB ADV

Massmutual Trust Co. FSB ADV lessened its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 11.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,487 shares of the natural resource company’s stock after selling 5,841 shares during the quarter. Massmutual Trust Co. FSB ADV’s holdings in Freeport-McMoRan were worth $2,211,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Belpointe Asset Management LLC increased its position in shares of Freeport-McMoRan by 38.6% during the fourth quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock worth $719,000 after acquiring an additional 4,703 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Freeport-McMoRan by 1.8% during the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after acquiring an additional 976,592 shares during the last quarter. Oaktree Capital Management LP increased its position in shares of Freeport-McMoRan by 7.8% during the fourth quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock worth $124,216,000 after acquiring an additional 211,608 shares during the last quarter. Norden Group LLC increased its position in shares of Freeport-McMoRan by 1,823.1% during the first quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock worth $11,750,000 after acquiring an additional 236,891 shares during the last quarter. Finally, Signature Estate & Investment Advisors LLC increased its position in shares of Freeport-McMoRan by 6.4% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock worth $14,726,000 after acquiring an additional 20,894 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FCX. UBS Group boosted their price objective on Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a report on Tuesday, May 14th. Argus upped their price objective on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $49.50 to $62.00 in a research note on Friday, June 21st. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Finally, BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price of $53.07.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 80,000 shares of the stock in a transaction on 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.79% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Stock Performance

FCX stock traded down $1.09 on Monday, reaching $40.88. The company’s stock had a trading volume of 26,144,521 shares, compared to its average volume of 13,765,050. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The company has a market capitalization of $58.72 billion, a P/E ratio of 34.79, a price-to-earnings-growth ratio of 2.07 and a beta of 1.92. The firm has a fifty day moving average of $48.80 and a two-hundred day moving average of $46.22. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The firm had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period last year, the company posted $0.35 EPS. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.67 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s payout ratio is currently 26.55%.

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.