Morse Asset Management Inc Has $1.15 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Morse Asset Management Inc cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 59.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,416 shares of the natural resource company’s stock after selling 36,500 shares during the period. Morse Asset Management Inc’s holdings in Freeport-McMoRan were worth $1,148,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Tompkins Financial Corp lifted its holdings in Freeport-McMoRan by 33.8% during the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 200 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in Freeport-McMoRan by 0.3% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock worth $3,012,000 after acquiring an additional 203 shares in the last quarter. Proficio Capital Partners LLC lifted its holdings in Freeport-McMoRan by 0.5% during the first quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock worth $1,885,000 after acquiring an additional 207 shares in the last quarter. Kingsview Wealth Management LLC lifted its holdings in Freeport-McMoRan by 4.3% during the first quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after acquiring an additional 214 shares in the last quarter. Finally, MV Capital Management Inc. lifted its holdings in Freeport-McMoRan by 38.6% during the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 221 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Douglas N. Currault II sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $51.99, for a total value of $2,859,450.00. Following the transaction, the vice president now owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Douglas N. Currault II sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $51.99, for a total value of $2,859,450.00. Following the transaction, the vice president now owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Richard C. Adkerson sold 169,229 shares of the company’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $50.56, for a total value of $8,556,218.24. Following the completion of the transaction, the chief executive officer now directly owns 3,707,249 shares in the company, valued at approximately $187,438,509.44. The disclosure for this sale can be found here. Insiders have sold a total of 445,667 shares of company stock valued at $22,755,070 over the last 90 days. 0.79% of the stock is currently owned by insiders.

Freeport-McMoRan Stock Up 1.1 %

Shares of NYSE:FCX traded up $0.47 during midday trading on Friday, reaching $45.00. The company had a trading volume of 10,390,517 shares, compared to its average volume of 10,741,873. The company has a quick ratio of 1.41, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The business’s 50 day moving average price is $49.68 and its 200 day moving average price is $46.09. The stock has a market cap of $64.64 billion, a PE ratio of 39.82, a P/E/G ratio of 2.09 and a beta of 1.92. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. Freeport-McMoRan’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.35 earnings per share. Research analysts forecast that Freeport-McMoRan Inc. will post 1.66 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a report on Tuesday, April 9th. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday. Finally, Scotiabank cut their price target on Freeport-McMoRan from $60.00 to $58.00 and set a “sector outperform” rating on the stock in a report on Wednesday. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $53.07.

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.