Sagespring Wealth Partners LLC Lowers Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Sagespring Wealth Partners LLC lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 77.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,240 shares of the natural resource company’s stock after selling 41,122 shares during the quarter. Sagespring Wealth Partners LLC’s holdings in Freeport-McMoRan were worth $463,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Mizuho Bank Ltd. purchased a new position in Freeport-McMoRan during the fourth quarter valued at approximately $26,000. Vision Financial Markets LLC bought a new stake in shares of Freeport-McMoRan during the fourth quarter valued at approximately $27,000. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Freeport-McMoRan during the fourth quarter valued at approximately $29,000. Coppell Advisory Solutions LLC raised its position in shares of Freeport-McMoRan by 47.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company’s stock valued at $32,000 after buying an additional 268 shares during the last quarter. Finally, City Holding Co. bought a new stake in shares of Freeport-McMoRan during the first quarter valued at approximately $33,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 0.5%

Shares of FCX opened at $41.17 on Thursday. The company’s fifty day moving average is $37.95 and its 200 day moving average is $38.23. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The stock has a market capitalization of $59.16 billion, a PE ratio of 34.02, a P/E/G ratio of 0.82 and a beta of 1.64. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.13 and a current ratio of 2.32.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. The company had revenue of $5.73 billion for the quarter, compared to analysts’ expectations of $5.36 billion. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. Freeport-McMoRan’s quarterly revenue was down 9.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.32 earnings per share. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.46%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan’s payout ratio is 24.79%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. UBS Group reduced their price objective on shares of Freeport-McMoRan from $52.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Wall Street Zen cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Tuesday, April 8th. Raymond James Financial reiterated an “outperform” rating and set a $52.00 price objective on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, Wolfe Research upgraded shares of Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 price objective on the stock in a research report on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.27.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the transaction, the chief accounting officer now directly owns 48,333 shares of the company’s stock, valued at $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.75% of the stock is owned by insiders.

Freeport-McMoRan Profile

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.