Wedmont Private Capital Has $594,000 Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Wedmont Private Capital lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 6.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,698 shares of the natural resource company’s stock after selling 1,028 shares during the quarter. Wedmont Private Capital’s holdings in Freeport-McMoRan were worth $594,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Coppell Advisory Solutions LLC boosted its holdings 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 valued at $32,000 after buying an additional 268 shares during the last quarter. Palogic Value Management L.P. boosted its position in Freeport-McMoRan by 1.5% during the fourth quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company’s stock worth $772,000 after purchasing an additional 292 shares during the period. CIBC Private Wealth Group LLC boosted its position in Freeport-McMoRan by 0.9% during the fourth quarter. CIBC Private Wealth Group LLC now owns 36,514 shares of the natural resource company’s stock worth $1,451,000 after purchasing an additional 309 shares during the period. Inspire Advisors LLC boosted its position in Freeport-McMoRan by 2.6% during the fourth quarter. Inspire Advisors LLC now owns 12,965 shares of the natural resource company’s stock worth $494,000 after purchasing an additional 325 shares during the period. Finally, Soltis Investment Advisors LLC boosted its position in Freeport-McMoRan by 3.6% during the fourth quarter. Soltis Investment Advisors LLC now owns 10,090 shares of the natural resource company’s stock worth $384,000 after purchasing an additional 346 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

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 value of $343,531.68. Following the transaction, the chief accounting officer now owns 48,333 shares in the company, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.75% of the stock is owned by company insiders.

Freeport-McMoRan Stock Up 2.1%

Shares of NYSE FCX opened at $42.34 on Tuesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61. The stock has a market capitalization of $60.85 billion, a P/E ratio of 32.83, a PEG ratio of 0.87 and a beta of 1.64. The stock’s fifty day moving average is $36.53 and its 200 day moving average is $38.28.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The company had revenue of $5.73 billion for the quarter, compared to analysts’ expectations of $5.36 billion. During the same quarter last year, the business earned $0.32 earnings per share. Freeport-McMoRan’s revenue was down 9.4% on a year-over-year basis. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date of this dividend was Tuesday, April 15th. Freeport-McMoRan’s payout ratio is currently 24.79%.

Analysts Set New Price Targets

A number of equities analysts have commented on FCX shares. Royal Bank of Canada lifted their price objective on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a “sector perform” rating in a research report on Wednesday, June 4th. JPMorgan Chase & Co. reduced their price objective on shares of Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. 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. Raymond James reaffirmed 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 raised shares of Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a research report on Wednesday, April 16th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.82.

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.