First City Capital Management Inc. Has $631,000 Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

First City Capital Management Inc. lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 4.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,661 shares of the natural resource company’s stock after selling 790 shares during the period. First City Capital Management Inc.’s holdings in Freeport-McMoRan were worth $631,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Madison Investment Advisors LLC acquired a new position in Freeport-McMoRan in the fourth quarter worth about $3,388,000. Vanguard Group Inc. raised its position in Freeport-McMoRan by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company’s stock worth $4,692,191,000 after purchasing an additional 642,776 shares in the last quarter. Wellington Management Group LLP raised its position in Freeport-McMoRan by 237.4% in the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company’s stock worth $351,041,000 after purchasing an additional 6,486,011 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Freeport-McMoRan by 5.4% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 159,536 shares of the natural resource company’s stock worth $6,075,000 after purchasing an additional 8,195 shares in the last quarter. Finally, PGGM Investments grew its stake in Freeport-McMoRan by 220.3% during the fourth quarter. PGGM Investments now owns 40,467 shares of the natural resource company’s stock worth $1,541,000 after buying an additional 27,834 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $41.50 on Friday. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61. The stock has a market cap of $59.64 billion, a PE ratio of 32.17, a PEG ratio of 0.87 and a beta of 1.64. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The firm’s 50 day moving average price is $36.45 and its two-hundred day moving average price is $38.36.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The firm had revenue of $5.73 billion for the quarter, compared to analysts’ expectations of $5.36 billion. During the same period last year, the firm earned $0.32 earnings per share. The business’s revenue for the quarter was down 9.4% on a year-over-year basis. As a group, analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were issued a $0.15 dividend. The ex-dividend date was Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.45%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 24.79%.

Analysts Set New Price Targets

Several brokerages have weighed in on FCX. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a research note on Thursday, March 6th. UBS Group decreased their price objective on shares of Freeport-McMoRan from $52.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Jefferies Financial Group reaffirmed a “buy” rating and set a $50.00 price objective (up from $48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th. Royal Bank of Canada increased their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a “sector perform” rating in a research note on Wednesday. Finally, Scotiabank increased their price target on shares of Freeport-McMoRan from $40.00 to $43.00 and gave the company a “sector perform” rating in a research note on Wednesday, May 14th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $47.82.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the sale, the chief accounting officer now directly owns 48,333 shares in the company, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.75% of the company’s stock.

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.