BI Asset Management Fondsmaeglerselskab A S Lowers Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

BI Asset Management Fondsmaeglerselskab A S cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 74.1% in the 1st quarter, Holdings Channel reports. The institutional investor owned 37,450 shares of the natural resource company’s stock after selling 107,113 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Freeport-McMoRan were worth $1,761,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in FCX. Belpointe Asset Management LLC lifted its holdings in shares of Freeport-McMoRan by 38.6% during the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock valued at $719,000 after acquiring an additional 4,703 shares in the last quarter. Fisher Asset Management LLC grew its position in Freeport-McMoRan by 1.8% in the 4th quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after purchasing an additional 976,592 shares during the last quarter. Oaktree Capital Management LP grew its position in Freeport-McMoRan by 7.8% in the 4th quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock worth $124,216,000 after purchasing an additional 211,608 shares during the last quarter. Norden Group LLC lifted its stake in shares of Freeport-McMoRan by 1,823.1% in the 1st 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 period. Finally, Signature Estate & Investment Advisors LLC lifted its stake in shares of Freeport-McMoRan by 6.4% in the 4th 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 period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $51.99, for a total value of $2,859,450.00. Following the transaction, the vice president now owns 164,067 shares in the company, valued at approximately $8,529,843.33. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, VP Douglas N. Currault II sold 55,000 shares of the 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 transaction, the vice president now owns 164,067 shares in the company, valued at approximately $8,529,843.33. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Stephen T. Higgins sold 43,900 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $51.08, for a total transaction of $2,242,412.00. Following the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,331,577.16. The disclosure for this sale can be found here. In the last quarter, insiders have sold 445,667 shares of company stock worth $22,755,070. 0.79% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

FCX has been the subject of a number of research analyst reports. HSBC upped their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research note on Tuesday, April 23rd. Scotiabank upped their price target on shares of Freeport-McMoRan from $53.00 to $60.00 and gave the stock a “sector outperform” rating in a research note on Thursday, May 30th. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Argus increased their target price on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. Finally, Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price for the company in a research note on Tuesday, April 9th. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $52.93.

Freeport-McMoRan Stock Up 1.6 %

Shares of NYSE:FCX opened at $51.60 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. The company has a market cap of $74.12 billion, a PE ratio of 45.66, a price-to-earnings-growth ratio of 2.13 and a beta of 1.92. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The firm has a 50 day simple moving average of $50.70 and a 200 day simple moving average of $45.62.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05. The firm had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.52 EPS. As a group, research analysts expect that Freeport-McMoRan Inc. will post 1.69 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.16%. Freeport-McMoRan’s dividend payout ratio 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.