Villere ST Denis J & Co. LLC Sells 21,754 Shares of Freeport-McMoRan Inc. $FCX

Villere ST Denis J & Co. LLC cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.1% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 402,643 shares of the natural resource company’s stock after selling 21,754 shares during the period. Freeport-McMoRan comprises approximately 2.9% of Villere ST Denis J & Co. LLC’s holdings, making the stock its 10th largest position. Villere ST Denis J & Co. LLC’s holdings in Freeport-McMoRan were worth $28,185,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. TOWER TRUST & INVESTMENT Co increased its holdings in Freeport-McMoRan by 1.3% in the third quarter. TOWER TRUST & INVESTMENT Co now owns 12,177 shares of the natural resource company’s stock worth $852,000 after buying an additional 157 shares during the last quarter. Richardson Financial Services Inc. raised its holdings in Freeport-McMoRan by 11.6% in the 2nd quarter. Richardson Financial Services Inc. now owns 1,539 shares of the natural resource company’s stock worth $97,000 after acquiring an additional 160 shares during the period. Breakwater Capital Group lifted its position in shares of Freeport-McMoRan by 1.0% during the 3rd quarter. Breakwater Capital Group now owns 15,930 shares of the natural resource company’s stock worth $1,115,000 after purchasing an additional 160 shares during the last quarter. Signature Wealth Management Partners LLC lifted its holdings in shares of Freeport-McMoRan by 1.4% during the third quarter. Signature Wealth Management Partners LLC now owns 12,271 shares of the natural resource company’s stock worth $859,000 after buying an additional 166 shares during the last quarter. Finally, Fiduciary Financial Group LLC boosted its holdings in Freeport-McMoRan by 2.6% in the 2nd quarter. Fiduciary Financial Group LLC now owns 6,788 shares of the natural resource company’s stock valued at $427,000 after purchasing an additional 173 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Insider Activity at Freeport-McMoRan

In related news, EVP Douglas N. Currault II sold 80,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total value of $6,284,800.00. Following the completion of the transaction, the executive vice president owned 211,016 shares of the company’s stock, valued at approximately $16,577,416.96. This trade represents a 27.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lydia H. Kennard sold 3,798 shares of the stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total value of $300,459.78. Following the completion of the sale, the director directly owned 122,702 shares of the company’s stock, valued at approximately $9,706,955.22. The trade was a 3.00% decrease in their position. The SEC filing for this sale provides additional information. 0.73% of the stock is currently owned by insiders.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $62.38 on Tuesday. The stock has a 50-day simple moving average of $69.56 and a 200 day simple moving average of $65.28. The stock has a market capitalization of $89.58 billion, a price-to-earnings ratio of 26.21, a P/E/G ratio of 0.58 and a beta of 1.38. The company has a quick ratio of 0.91, a current ratio of 2.02 and a debt-to-equity ratio of 0.23. Freeport-McMoRan Inc. has a 12-month low of $38.85 and a 12-month high of $80.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, October 27th. The natural resource company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.06. The company had revenue of $7.55 billion during the quarter, compared to the consensus estimate of $7.36 billion. Freeport-McMoRan had a return on equity of 12.09% and a net margin of 13.03%. The company’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.50 earnings per share. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 3.02 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 2nd. Investors of record on Thursday, October 15th were given a $0.0750 dividend. The ex-dividend date was Thursday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s payout ratio is currently 12.61%.

Wall Street Analyst Weigh In

A number of brokerages have commented on FCX. Citigroup raised their price objective on Freeport-McMoRan from $66.00 to $84.00 and gave the stock a “buy” rating in a research report on Monday, October 5th. Freedom Broker lowered their price target on Freeport-McMoRan from $75.00 to $68.00 and set a “hold” rating on the stock in a research report on Monday, November 2nd. Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Scotiabank cut their price objective on Freeport-McMoRan from $80.00 to $78.00 and set a “sector outperform” rating for the company in a report on Wednesday, October 28th. Finally, Weiss Ratings downgraded shares of Freeport-McMoRan from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $75.30.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Its products serve industries including construction, manufacturing, electronics and energy.

The company operates mines and related facilities in North America, South America and Indonesia. Its assets include the Grasberg minerals district in Indonesia and copper operations in the United States, Peru and Chile.

Freeport-McMoRan traces its roots to Freeport Sulphur Company, founded in 1912, and has since developed into a major international mining business.