Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Diversify Advisory Services LLC

Diversify Advisory Services LLC reduced its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 26.2% during the 2nd quarter, HoldingsChannel reports. The firm owned 22,082 shares of the natural resource company’s stock after selling 7,845 shares during the quarter. Diversify Advisory Services LLC’s holdings in Freeport-McMoRan were worth $1,122,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Capital Research Global Investors boosted its holdings in Freeport-McMoRan by 22.0% in the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after purchasing an additional 13,143,562 shares during the last quarter. Capital International Investors purchased a new position in shares of Freeport-McMoRan during the 1st quarter worth $417,752,000. Boston Partners increased its position in shares of Freeport-McMoRan by 13,248.4% during the 4th quarter. Boston Partners now owns 5,351,630 shares of the natural resource company’s stock worth $227,747,000 after purchasing an additional 5,311,538 shares during the last quarter. Capital World Investors raised its holdings in Freeport-McMoRan by 40.9% in the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after buying an additional 4,396,309 shares during the period. Finally, Asia Research & Capital Management Ltd acquired a new position in Freeport-McMoRan in the first quarter valued at about $197,966,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 80,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $52.03, for a total value of $4,162,400.00. Following the transaction, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,430,735.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.79% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Scotiabank dropped their price objective on Freeport-McMoRan from $60.00 to $58.00 and set a “sector outperform” rating for the company in a research note on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft increased their target price on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a report on Monday, June 10th. JPMorgan Chase & Co. dropped their price objective on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, April 24th. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Finally, UBS Group lifted their price target on Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a research note on Tuesday, May 14th. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $53.07.

Freeport-McMoRan Stock Up 0.0 %

FCX stock traded up $0.01 during mid-day trading on Friday, hitting $41.05. 9,181,998 shares of the company were exchanged, compared to its average volume of 13,702,303. The firm has a fifty day simple moving average of $47.61 and a 200 day simple moving average of $46.26. The company has a market capitalization of $58.97 billion, a PE ratio of 36.33, a price-to-earnings-growth ratio of 2.07 and a beta of 1.92. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. 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 (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. During the same period last year, the firm earned $0.35 earnings per share. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. On average, research analysts forecast that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.46%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

About Freeport-McMoRan

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.