Aaron Wealth Advisors LLC Sells 62,253 Shares of Freeport-McMoRan Inc. $FCX

Aaron Wealth Advisors LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 20.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 238,094 shares of the natural resource company’s stock after selling 62,253 shares during the quarter. Freeport-McMoRan accounts for approximately 0.7% of Aaron Wealth Advisors LLC’s investment portfolio, making the stock its 24th largest holding. Aaron Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $12,093,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FCX. Brighton Jones LLC lifted its stake in Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after purchasing an additional 2,882 shares during the last quarter. Bison Wealth LLC lifted its stake in Freeport-McMoRan by 5.6% during the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in Freeport-McMoRan during the second quarter worth $560,000. CW Advisors LLC lifted its stake in Freeport-McMoRan by 18.0% during the second quarter. CW Advisors LLC now owns 16,971 shares of the natural resource company’s stock worth $736,000 after purchasing an additional 2,593 shares during the last quarter. Finally, Brown Advisory Inc. lifted its stake in Freeport-McMoRan by 27.0% during the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock worth $539,000 after purchasing an additional 2,648 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FCX has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their target price on Freeport-McMoRan from $58.00 to $68.00 and gave the stock an “overweight” rating in a research note on Thursday, January 8th. HSBC upped their target price on Freeport-McMoRan from $48.00 to $69.00 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. BNP Paribas Exane upped their target price on Freeport-McMoRan from $56.00 to $75.00 and gave the stock an “outperform” rating in a research note on Thursday, February 12th. UBS Group cut their target price on Freeport-McMoRan from $70.00 to $66.00 and set a “buy” rating for the company in a research note on Friday, March 27th. Finally, The Goldman Sachs Group initiated coverage on Freeport-McMoRan in a research note on Thursday, April 2nd. They set a “buy” rating and a $70.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $62.75.

Insider Activity at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 11,000 shares of the company’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $62.03, for a total transaction of $682,330.00. Following the completion of the transaction, the chief accounting officer directly owned 40,773 shares in the company, valued at approximately $2,529,149.19. This represents a 21.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Stephen T. Higgins sold 29,654 shares of the company’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $63.00, for a total transaction of $1,868,202.00. Following the transaction, the chief accounting officer owned 76,445 shares of the company’s stock, valued at $4,816,035. This trade represents a 27.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 565,145 shares of company stock valued at $35,839,918. 0.75% of the stock is owned by company insiders.

Freeport-McMoRan Stock Down 0.5%

Shares of NYSE:FCX opened at $61.05 on Tuesday. The company has a fifty day moving average of $61.31 and a 200-day moving average of $51.33. The company has a market capitalization of $87.74 billion, a PE ratio of 40.43, a price-to-earnings-growth ratio of 0.72 and a beta of 1.48. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $69.75.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.19. The company had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.42 billion. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The company’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.31 earnings per share. On average, equities analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th will be issued a dividend of $0.075 per share. The ex-dividend date is Wednesday, April 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is 19.87%.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.