Handelsbanken Fonder AB Sells 8,117 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Handelsbanken Fonder AB decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 595,281 shares of the natural resource company’s stock after selling 8,117 shares during the period. Handelsbanken Fonder AB’s holdings in Freeport-McMoRan were worth $22,537,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Sonora Investment Management Group LLC raised its position in Freeport-McMoRan by 13.5% in the 1st quarter. Sonora Investment Management Group LLC now owns 13,193 shares of the natural resource company’s stock valued at $499,000 after purchasing an additional 1,567 shares during the last quarter. Simplicity Wealth LLC bought a new position in shares of Freeport-McMoRan in the first quarter valued at about $448,000. GAMMA Investing LLC lifted its position in Freeport-McMoRan by 5.6% during the 1st quarter. GAMMA Investing LLC now owns 22,805 shares of the natural resource company’s stock worth $863,000 after buying an additional 1,219 shares in the last quarter. Requisite Capital Management LLC grew its holdings in Freeport-McMoRan by 31.0% during the 1st quarter. Requisite Capital Management LLC now owns 12,744 shares of the natural resource company’s stock worth $482,000 after acquiring an additional 3,017 shares during the last quarter. Finally, Yousif Capital Management LLC increased its position in Freeport-McMoRan by 0.7% in the 1st quarter. Yousif Capital Management LLC now owns 184,433 shares of the natural resource company’s stock valued at $6,983,000 after acquiring an additional 1,194 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Insider Buying and Selling at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 8,584 shares of the firm’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the sale, the chief accounting officer now owns 48,333 shares of the company’s stock, valued at $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 available through this hyperlink. Insiders own 0.75% of the company’s stock.

Freeport-McMoRan Stock Down 0.4%

Shares of NYSE FCX opened at $42.19 on Wednesday. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61. 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 stock has a market cap of $60.63 billion, a P/E ratio of 32.71, a P/E/G ratio of 0.87 and a beta of 1.64. The firm has a 50 day moving average price of $36.71 and a 200 day moving average price of $38.30.

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

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were issued a dividend of $0.15 per share. The ex-dividend date was Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 1.42%. Freeport-McMoRan’s dividend payout ratio is presently 24.79%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FCX. Wolfe Research upgraded shares of Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 target price on the stock in a research report on Wednesday, April 16th. JPMorgan Chase & Co. reduced their price objective on Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Hsbc Global Res raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 14th. Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Finally, Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday, April 8th. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $47.82.

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.