Leo Wealth LLC Sells 4,491 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Leo Wealth LLC cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 31.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,908 shares of the natural resource company’s stock after selling 4,491 shares during the period. Leo Wealth LLC’s holdings in Freeport-McMoRan were worth $375,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. Coppell Advisory Solutions LLC grew its position in Freeport-McMoRan by 47.4% during the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company’s stock worth $32,000 after acquiring an additional 268 shares during the last quarter. Capital Investment Advisory Services LLC grew its position in Freeport-McMoRan by 3.2% during the 1st quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company’s stock worth $345,000 after acquiring an additional 278 shares during the last quarter. Palogic Value Management L.P. grew its position in Freeport-McMoRan by 1.5% during the 4th quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company’s stock worth $772,000 after acquiring an additional 292 shares during the last quarter. Hexagon Capital Partners LLC grew its position in Freeport-McMoRan by 12.2% during the 1st quarter. Hexagon Capital Partners LLC now owns 2,760 shares of the natural resource company’s stock worth $104,000 after acquiring an additional 301 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its position in Freeport-McMoRan by 0.9% in the 4th quarter. CIBC Private Wealth Group LLC now owns 36,514 shares of the natural resource company’s stock valued at $1,451,000 after buying an additional 309 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on FCX shares. Wolfe Research upgraded 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. Stifel Nicolaus set a $56.00 price objective on Freeport-McMoRan and gave the company a “buy” rating in a research report on Wednesday, July 9th. Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Tuesday, April 8th. JPMorgan Chase & Co. increased their price objective on Freeport-McMoRan from $42.00 to $56.00 and gave the company an “overweight” rating in a research report on Wednesday, July 9th. Finally, Scotiabank increased their price objective on Freeport-McMoRan from $48.00 to $52.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 9th. Seven investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $51.00.

Insider Buying and Selling

In related news, CAO Ellie L. Mikes sold 8,584 shares of the firm’s stock in a transaction on 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 owned 48,333 shares of the company’s stock, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.79% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX stock opened at $45.64 on Tuesday. The company has a market cap of $65.59 billion, a P/E ratio of 37.72, a price-to-earnings-growth ratio of 0.88 and a beta of 1.64. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $52.61. The company has a quick ratio of 1.13, a current ratio of 2.32 and a debt-to-equity ratio of 0.30. The business’s fifty day moving average is $41.09 and its 200-day moving average is $38.54.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. The business had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The firm’s revenue was down 9.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.32 EPS. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.31%. Freeport-McMoRan’s payout ratio is presently 24.79%.

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.