Investment Advisory Services Inc. TX ADV Cuts Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Investment Advisory Services Inc. TX ADV lowered its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 17.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 8,243 shares of the natural resource company’s stock after selling 1,772 shares during the period. Investment Advisory Services Inc. TX ADV’s holdings in Freeport-McMoRan were worth $312,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Mizuho Bank Ltd. bought a new position in Freeport-McMoRan in the 4th quarter worth $26,000. Vision Financial Markets LLC purchased a new stake in shares of Freeport-McMoRan in the fourth quarter worth $27,000. Kohmann Bosshard Financial Services LLC bought a new position in shares of Freeport-McMoRan during the fourth quarter valued at $29,000. Coppell Advisory Solutions LLC raised its position in shares of Freeport-McMoRan by 47.4% in the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company’s stock worth $32,000 after purchasing an additional 268 shares during the last quarter. Finally, City Holding Co. bought a new position in Freeport-McMoRan in the 1st quarter worth about $33,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $41.64 on Thursday. The stock has a market capitalization of $59.84 billion, a PE ratio of 34.41, a P/E/G ratio of 0.82 and a beta of 1.64. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $52.61. The business has a 50 day simple moving average of $38.77 and a two-hundred day simple moving average of $38.17. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.32 and a quick ratio of 1.13.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The company had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same period last year, the company earned $0.32 earnings per share. Freeport-McMoRan’s revenue was down 9.4% on a year-over-year basis. On average, research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.44%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 24.79%.

Insider Activity

In other news, CAO Ellie L. Mikes sold 8,584 shares of the business’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the sale, the chief accounting officer now owns 48,333 shares in the company, valued at approximately $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.75% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on FCX. Royal Bank Of Canada lifted their target price on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a “sector perform” rating in a report on Wednesday, June 4th. UBS Group decreased their price objective on shares of Freeport-McMoRan from $52.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Jefferies Financial Group reaffirmed a “buy” rating and set a $50.00 price objective (up from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Hsbc Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 14th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a research report on Thursday, March 6th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.27.

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.