TCM Advisors LLC Sells 500 Shares of Freeport-McMoRan Inc. $FCX

TCM Advisors LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 1.8% in the first quarter, Holdings Channel.com reports. The fund owned 28,000 shares of the natural resource company’s stock after selling 500 shares during the period. Freeport-McMoRan makes up approximately 0.1% of TCM Advisors LLC’s portfolio, making the stock its 25th biggest position. TCM Advisors LLC’s holdings in Freeport-McMoRan were worth $1,060,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in FCX. City Holding Co. bought a new position in shares of Freeport-McMoRan in the first quarter worth $33,000. Bernard Wealth Management Corp. bought a new position in shares of Freeport-McMoRan in the fourth quarter worth $35,000. Dagco Inc. bought a new position in shares of Freeport-McMoRan in the first quarter worth $37,000. Greykasell Wealth Strategies Inc. bought a new stake in Freeport-McMoRan during the first quarter valued at $42,000. Finally, Wolff Wiese Magana LLC boosted its stake in Freeport-McMoRan by 38.2% during the first quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company’s stock valued at $44,000 after buying an additional 319 shares during the period. 80.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Hsbc Global Res lowered Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 22nd. Stifel Nicolaus assumed coverage on Freeport-McMoRan in a research note on Wednesday, July 9th. They set a “buy” rating and a $56.00 price objective for the company. Morgan Stanley lowered Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $45.00 to $54.00 in a research note on Tuesday, July 15th. Finally, JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $42.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $51.00.

Freeport-McMoRan Stock Up 1.4%

FCX opened at $44.29 on Wednesday. The company has a market cap of $63.60 billion, a P/E ratio of 33.56, a P/E/G ratio of 0.83 and a beta of 1.63. The business’s 50-day moving average price is $43.14 and its 200-day moving average price is $39.52. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.45 by $0.09. The firm had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.46 earnings per share. On average, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. Freeport-McMoRan’s dividend payout ratio is currently 22.73%.

Insider Activity at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the transaction, the chief accounting officer owned 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.79% of the company’s stock.

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.