Moran Wealth Management LLC Reduces Position in Freeport-McMoRan Inc. (NYSE:FCX)

Moran Wealth Management LLC lessened its position in Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 35.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 29,903 shares of the natural resource company’s stock after selling 16,507 shares during the period. Moran Wealth Management LLC’s holdings in Freeport-McMoRan were worth $1,273,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Freeport-McMoRan by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock worth $4,451,285,000 after buying an additional 305,912 shares during the last quarter. Fisher Asset Management LLC lifted its position in shares of Freeport-McMoRan by 1.9% in the 4th quarter. Fisher Asset Management LLC now owns 55,710,695 shares of the natural resource company’s stock worth $2,371,604,000 after purchasing an additional 1,030,451 shares during the period. Northern Trust Corp boosted its stake in shares of Freeport-McMoRan by 4.2% during the 3rd quarter. Northern Trust Corp now owns 17,756,034 shares of the natural resource company’s stock valued at $662,123,000 after purchasing an additional 709,114 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Freeport-McMoRan by 0.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,727,376 shares of the natural resource company’s stock valued at $456,716,000 after buying an additional 90,663 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Freeport-McMoRan by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,732,045 shares of the natural resource company’s stock worth $329,153,000 after buying an additional 223,960 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $51.99, for a total value of $2,859,450.00. Following the completion of the sale, the vice president now owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, VP Douglas N. Currault II sold 55,000 shares of the business’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the sale, the vice president now directly owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Stephen T. Higgins sold 43,900 shares of Freeport-McMoRan stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $51.08, for a total value of $2,242,412.00. Following the sale, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at approximately $5,331,577.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 445,667 shares of company stock valued at $22,755,070. Corporate insiders own 0.78% of the company’s stock.

Freeport-McMoRan Stock Down 1.1 %

Shares of NYSE:FCX traded down $0.60 during trading hours on Wednesday, hitting $52.88. The company’s stock had a trading volume of 9,035,116 shares, compared to its average volume of 14,172,060. The company has a market capitalization of $75.85 billion, a price-to-earnings ratio of 47.33, a P/E/G ratio of 8.46 and a beta of 2.02. The firm’s fifty day moving average price is $47.77 and its 200 day moving average price is $41.77. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $54.09.

Freeport-McMoRan (NYSE:FCXGet Free Report) last released its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The firm had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same period in the previous year, the company posted $0.52 EPS. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. As a group, research analysts expect that Freeport-McMoRan Inc. will post 1.66 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend was Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on FCX shares. UBS Group increased their target price on Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a research report on Tuesday. HSBC lifted their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research report on Tuesday, April 23rd. Argus lifted their price target on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Finally, Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a research report on Tuesday, April 9th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

View Our Latest Analysis on FCX

Freeport-McMoRan Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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