SVB Wealth LLC Reduces Position in Freeport-McMoRan Inc. (NYSE:FCX)

SVB Wealth LLC trimmed its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 20.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,281 shares of the natural resource company’s stock after selling 2,893 shares during the quarter. SVB Wealth LLC’s holdings in Freeport-McMoRan were worth $530,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Belpointe Asset Management LLC grew its holdings in Freeport-McMoRan by 38.6% in the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock valued at $719,000 after buying an additional 4,703 shares in the last quarter. Fisher Asset Management LLC raised its stake in Freeport-McMoRan by 1.8% during the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after purchasing an additional 976,592 shares during the period. Oaktree Capital Management LP raised its stake in Freeport-McMoRan by 7.8% during the fourth quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock worth $124,216,000 after purchasing an additional 211,608 shares during the period. Norden Group LLC boosted its holdings in Freeport-McMoRan by 1,823.1% in the 1st quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock valued at $11,750,000 after purchasing an additional 236,891 shares during the last quarter. Finally, Signature Estate & Investment Advisors LLC grew its stake in shares of Freeport-McMoRan by 6.4% in the 4th quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock valued at $14,726,000 after buying an additional 20,894 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. lowered their price objective on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday, April 24th. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Morgan Stanley upgraded shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $49.50 to $62.00 in a report on Friday, June 21st. Scotiabank dropped their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set a “sector outperform” rating for the company in a research report on Wednesday, July 24th. Finally, HSBC lifted their target price on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday, April 23rd. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.07.

Insider Activity

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 43,900 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $51.08, for a total transaction of $2,242,412.00. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at approximately $5,331,577.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CAO Stephen T. Higgins sold 80,000 shares of Freeport-McMoRan stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $52.03, for a total value of $4,162,400.00. Following the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,430,735.31. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Stephen T. Higgins sold 43,900 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $51.08, for a total transaction of $2,242,412.00. Following the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,331,577.16. The disclosure for this sale can be found here. Over the last three months, insiders sold 221,438 shares of company stock valued at $11,339,402. Insiders own 0.79% of the company’s stock.

Freeport-McMoRan Stock Down 1.2 %

FCX traded down $0.53 on Tuesday, reaching $43.85. The company’s stock had a trading volume of 2,873,729 shares, compared to its average volume of 13,612,863. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The stock has a 50 day moving average of $49.47 and a two-hundred day moving average of $46.11. The company has a market capitalization of $62.99 billion, a price-to-earnings ratio of 39.28, a P/E/G ratio of 2.14 and a beta of 1.92.

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

Freeport-McMoRan Announces Dividend

The firm also recently disclosed 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 annualized dividend and a yield of 1.37%. The ex-dividend date of this dividend is Monday, July 15th. Freeport-McMoRan’s payout ratio is currently 26.55%.

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.