Fideuram Intesa Sanpaolo Private Banking S.P.A. Sells 32,933 Shares of Freeport-McMoRan Inc. $FCX

Fideuram Intesa Sanpaolo Private Banking S.P.A. lessened its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 18.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 141,457 shares of the natural resource company’s stock after selling 32,933 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A.’s holdings in Freeport-McMoRan were worth $8,315,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Strategic Investment Solutions Inc. IL bought a new stake in Freeport-McMoRan in the fourth quarter valued at $25,000. Steph & Co. boosted its position in shares of Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares in the last quarter. Kemnay Advisory Services Inc. bought a new position in shares of Freeport-McMoRan during the 4th quarter worth about $29,000. SHP Wealth Management acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at about $30,000. Finally, JPL Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at about $33,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $60.88 on Friday. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.28. The company’s 50 day moving average price is $64.00 and its two-hundred day moving average price is $61.24. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The stock has a market cap of $87.52 billion, a P/E ratio of 32.38, a P/E/G ratio of 0.73 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. The company had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.Freeport-McMoRan’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.24 earnings per share. On average, equities analysts predict that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is 15.96%.

Analysts Set New Price Targets

A number of research firms recently weighed in on FCX. Barclays initiated coverage on Freeport-McMoRan in a research note on Thursday, May 21st. They set an “overweight” rating and a $77.00 price target on the stock. Morgan Stanley restated an “equal weight” rating and set a $66.00 price objective (down from $70.00) on shares of Freeport-McMoRan in a report on Friday, April 24th. The Goldman Sachs Group upped their target price on Freeport-McMoRan from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, May 22nd. Finally, BNP Paribas Exane lifted their price target on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research report on Thursday, June 18th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $68.36.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.