General Pension Society PZU Joint Stock Co Sells 1,441,687 Shares of Freeport-McMoRan Inc. $FCX

General Pension Society PZU Joint Stock Co cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 65.9% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 747,104 shares of the natural resource company’s stock after selling 1,441,687 shares during the quarter. Freeport-McMoRan comprises approximately 10.8% of General Pension Society PZU Joint Stock Co’s portfolio, making the stock its 5th largest holding. General Pension Society PZU Joint Stock Co’s holdings in Freeport-McMoRan were worth $43,915,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Elevation Point Wealth Partners LLC lifted its position in Freeport-McMoRan by 226.3% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 29,436 shares of the natural resource company’s stock worth $1,730,000 after buying an additional 20,416 shares in the last quarter. Sharp Wealth Advisory LLC bought a new stake in Freeport-McMoRan during the 1st quarter worth about $343,000. Platform Technology Partners acquired a new stake in Freeport-McMoRan in the 1st quarter valued at about $226,000. Jamison Private Wealth Management Inc. increased its position in Freeport-McMoRan by 21.0% in the 1st quarter. Jamison Private Wealth Management Inc. now owns 10,253 shares of the natural resource company’s stock valued at $603,000 after acquiring an additional 1,778 shares in the last quarter. Finally, Root Financial Partners LLC raised its stake in shares of Freeport-McMoRan by 54.1% in the first quarter. Root Financial Partners LLC now owns 5,790 shares of the natural resource company’s stock worth $340,000 after acquiring an additional 2,033 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Up 0.6%

Shares of NYSE:FCX opened at $60.88 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The stock has a market cap of $87.52 billion, a price-to-earnings ratio of 32.38, a P/E/G ratio of 0.73 and a beta of 1.37. The company has a 50 day moving average of $64.00 and a 200-day moving average of $61.24. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same period in the prior year, the business posted $0.24 earnings per share. Freeport-McMoRan’s revenue was up 8.8% compared to the same quarter last year. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be paid a $0.075 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is 15.96%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Jefferies Financial Group upped their target price on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. Barclays initiated coverage on shares of Freeport-McMoRan in a report on Thursday, May 21st. They issued an “overweight” rating and a $77.00 price target for the company. The Goldman Sachs Group upped their price objective on Freeport-McMoRan from $68.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Sanford C. Bernstein lifted their target price on Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research note on Wednesday, June 10th. Finally, Raymond James Financial dropped their target price on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research report on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $68.36.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.