Key Financial Inc Sells 494 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Key Financial Inc lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 34.3% in the first quarter, according to its most recent filing with the SEC. The firm owned 945 shares of the natural resource company’s stock after selling 494 shares during the quarter. Key Financial Inc’s holdings in Freeport-McMoRan were worth $36,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in FCX. Vanguard Group Inc. increased its position in shares of Freeport-McMoRan by 0.5% during 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 buying an additional 642,776 shares during the period. Wellington Management Group LLP boosted its position in Freeport-McMoRan by 237.4% during the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company’s stock valued at $351,041,000 after acquiring an additional 6,486,011 shares during the last quarter. Stratos Investment Management LLC grew its holdings in Freeport-McMoRan by 238.5% during the 1st quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company’s stock worth $2,443,000 after acquiring an additional 45,458 shares during the period. Community Bank N.A. raised its position in shares of Freeport-McMoRan by 18.5% in the 1st quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company’s stock worth $1,498,000 after acquiring an additional 6,188 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Freeport-McMoRan in the 4th quarter worth about $2,768,000. Institutional investors own 80.77% of the company’s stock.

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the company’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the transaction, the chief accounting officer directly owned 48,333 shares in the company, valued at $1,934,286.66. This represents a 15.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.79% of the company’s stock.

Freeport-McMoRan Price Performance

FCX stock opened at $46.37 on Monday. The firm has a 50 day moving average of $41.09 and a 200-day moving average of $38.54. The firm has a market capitalization of $66.64 billion, a P/E ratio of 38.32, a price-to-earnings-growth ratio of 0.88 and a beta of 1.64. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61. The company has a current ratio of 2.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.23 by $0.01. The firm had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. The business’s quarterly revenue was down 9.4% compared to the same quarter last year. During the same period last year, the firm earned $0.32 EPS. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.29%. Freeport-McMoRan’s dividend payout ratio is 24.79%.

Wall Street Analyst Weigh In

FCX has been the topic of several research analyst reports. Scotiabank upped their target price on Freeport-McMoRan from $48.00 to $52.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 9th. Wolfe Research raised Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 price target on the stock in a research note on Wednesday, April 16th. JPMorgan Chase & Co. raised their price objective on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 9th. Stifel Nicolaus set a $56.00 price objective on shares of Freeport-McMoRan and gave the company a “buy” rating in a research note on Wednesday, July 9th. Finally, Royal Bank Of Canada increased their target price on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a “sector perform” rating in a research note on Wednesday, June 4th. Seven investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $51.00.

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.