SVB Wealth LLC Lowers Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

SVB Wealth LLC trimmed its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 20.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,281 shares of the natural resource company’s stock after selling 2,893 shares during the quarter. SVB Wealth LLC’s holdings in Freeport-McMoRan were worth $530,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Jones Financial Companies Lllp lifted its holdings in shares of Freeport-McMoRan by 422.2% during the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 532 shares during the last quarter. American National Bank raised its stake in Freeport-McMoRan by 348.8% during the first quarter. American National Bank now owns 745 shares of the natural resource company’s stock valued at $35,000 after buying an additional 579 shares during the last quarter. Vermillion & White Wealth Management Group LLC bought a new stake in Freeport-McMoRan in the fourth quarter worth $32,000. Tompkins Financial Corp grew its stake in shares of Freeport-McMoRan by 33.8% in the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 200 shares during the last quarter. Finally, MV Capital Management Inc. increased its holdings in shares of Freeport-McMoRan by 38.6% during the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock valued at $37,000 after acquiring an additional 221 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX traded down $0.53 during trading on Tuesday, hitting $43.85. The company’s stock had a trading volume of 2,873,729 shares, compared to its average volume of 13,612,863. The company has a 50-day moving average of $49.47 and a 200-day moving average of $46.11. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The firm has a market cap of $62.99 billion, a price-to-earnings ratio of 39.28, a P/E/G ratio of 2.14 and a beta of 1.92. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.07. The business had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company’s revenue was up 15.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.35 EPS. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.66 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date of this dividend is Monday, July 15th. Freeport-McMoRan’s payout ratio is 26.55%.

Insider Transactions at Freeport-McMoRan

In related news, CEO Richard C. Adkerson sold 54,771 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $50.78, for a total transaction of $2,781,271.38. Following the completion of the transaction, the chief executive officer now directly owns 3,652,478 shares in the company, valued at approximately $185,472,832.84. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CAO Stephen T. Higgins sold 43,900 shares of the business’s 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 transaction, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,331,577.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Richard C. Adkerson sold 54,771 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $50.78, for a total value of $2,781,271.38. Following the sale, the chief executive officer now owns 3,652,478 shares of the company’s stock, valued at approximately $185,472,832.84. The disclosure for this sale can be found here. Insiders have sold 221,438 shares of company stock valued at $11,339,402 over the last quarter. 0.79% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on FCX shares. Argus upped their price target on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Raymond James cut their price target on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Finally, HSBC boosted their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research note on Tuesday, April 23rd. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $53.07.

Freeport-McMoRan Profile

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.