Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Golden State Equity Partners

Golden State Equity Partners lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 9.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,672 shares of the natural resource company’s stock after selling 1,497 shares during the quarter. Golden State Equity Partners’ holdings in Freeport-McMoRan were worth $518,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Mizuho Bank Ltd. acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $26,000. Vision Financial Markets LLC acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $27,000. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $29,000. Coppell Advisory Solutions LLC raised its holdings in shares of Freeport-McMoRan by 47.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company’s stock worth $32,000 after purchasing an additional 268 shares during the period. Finally, City Holding Co. acquired a new stake in shares of Freeport-McMoRan during the first quarter worth $33,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FCX. Wall Street Zen cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday, April 8th. UBS Group dropped their target price on shares of Freeport-McMoRan from $52.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. JPMorgan Chase & Co. reduced their price target on shares of Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Scotiabank raised shares of Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the company from $43.00 to $48.00 in a report on Monday, June 16th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $50.00 price target (up previously from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $48.27.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the business’s stock in a transaction dated 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. The trade was a 15.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.75% of the stock is owned by company insiders.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $41.64 on Thursday. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The firm’s 50-day simple moving average is $38.77 and its 200 day simple moving average is $38.17. The company has a quick ratio of 1.13, a current ratio of 2.32 and a debt-to-equity ratio of 0.30. The stock has a market cap of $59.84 billion, a P/E ratio of 34.41, a P/E/G ratio of 0.82 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. The business had revenue of $5.73 billion for the quarter, compared to analysts’ expectations of $5.36 billion. During the same period in the previous year, the business earned $0.32 earnings per share. The company’s revenue was down 9.4% on a year-over-year basis. Equities analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.44%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 24.79%.

Freeport-McMoRan Company 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.