First National Trust Co Reduces Position in Freeport-McMoRan Inc. (NYSE:FCX)

First National Trust Co lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 13.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,806 shares of the natural resource company’s stock after selling 933 shares during the quarter. First National Trust Co’s holdings in Freeport-McMoRan were worth $220,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of FCX. Brighton Jones LLC lifted its position in Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after buying an additional 2,882 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its position in Freeport-McMoRan by 27.2% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company’s stock valued at $20,565,000 after buying an additional 115,552 shares during the last quarter. Orion Portfolio Solutions LLC lifted its position in Freeport-McMoRan by 13.7% in the fourth quarter. Orion Portfolio Solutions LLC now owns 47,078 shares of the natural resource company’s stock valued at $1,793,000 after buying an additional 5,674 shares during the last quarter. CIBC Private Wealth Group LLC lifted its position in Freeport-McMoRan by 0.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 36,514 shares of the natural resource company’s stock valued at $1,451,000 after buying an additional 309 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its position in Freeport-McMoRan by 8.2% in the fourth quarter. Alliancebernstein L.P. now owns 2,064,470 shares of the natural resource company’s stock valued at $78,615,000 after buying an additional 155,754 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Insider Buying and Selling

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the firm’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the sale, the chief accounting officer owned 48,333 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.75% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $40.27 on Friday. The firm has a market capitalization of $57.87 billion, a P/E ratio of 30.51, a P/E/G ratio of 0.71 and a beta of 1.64. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The firm’s 50 day moving average is $42.70 and its two-hundred day moving average is $39.05.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. During the same period last year, the firm posted $0.46 earnings per share. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. Research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 22.73%.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of recent analyst reports. Jefferies Financial Group reaffirmed a “buy” rating and issued a $50.00 target price (up previously from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Morgan Stanley cut shares of Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $45.00 to $54.00 in a research report on Tuesday, July 15th. Stifel Canada raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Tuesday, July 8th. Raymond James Financial reaffirmed an “outperform” rating and issued a $52.00 target price on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, BMO Capital Markets reduced their price target on shares of Freeport-McMoRan from $55.00 to $54.00 and set an “outperform” rating on the stock in a research report on Thursday, July 24th. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.