General Pension Society PZU Joint Stock Co Sells 1,441,687 Shares of Freeport-McMoRan Inc. $FCX

General Pension Society PZU Joint Stock Co cut its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 65.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 747,104 shares of the natural resource company’s stock after selling 1,441,687 shares during the period. Freeport-McMoRan comprises about 10.8% of General Pension Society PZU Joint Stock Co’s investment portfolio, making the stock its 5th largest position. General Pension Society PZU Joint Stock Co owned about 0.05% of Freeport-McMoRan worth $43,915,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of FCX. Elevation Point Wealth Partners LLC lifted its position in Freeport-McMoRan by 226.3% in the first quarter. Elevation Point Wealth Partners LLC now owns 29,436 shares of the natural resource company’s stock worth $1,730,000 after purchasing an additional 20,416 shares during the period. Sharp Wealth Advisory LLC bought a new stake in Freeport-McMoRan in the 1st quarter valued at $343,000. Platform Technology Partners acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at $226,000. Jamison Private Wealth Management Inc. raised its stake in shares of Freeport-McMoRan by 21.0% in the 1st quarter. Jamison Private Wealth Management Inc. now owns 10,253 shares of the natural resource company’s stock valued at $603,000 after buying an additional 1,778 shares in the last quarter. Finally, Root Financial Partners LLC lifted its holdings in shares of Freeport-McMoRan by 54.1% during the 1st quarter. Root Financial Partners LLC now owns 5,790 shares of the natural resource company’s stock worth $340,000 after acquiring an additional 2,033 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FCX has been the topic of several recent research reports. Wells Fargo & Company decreased their target price on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, April 24th. JPMorgan Chase & Co. dropped their price target on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a research report on Monday, April 27th. HSBC raised their price target on shares of Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Sanford C. Bernstein upped their price objective on Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research note on Wednesday, June 10th. Finally, BNP Paribas Exane upped their price objective on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research note on Thursday, June 18th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $68.36.

Freeport-McMoRan Stock Up 0.6%

FCX opened at $60.88 on Friday. The firm has a market cap of $87.52 billion, a price-to-earnings ratio of 32.38, a PEG ratio of 0.73 and a beta of 1.37. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The firm’s 50-day simple moving average is $64.00 and its 200-day simple moving average is $61.24. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.28.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. The firm had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period last year, the firm posted $0.24 EPS. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be paid a $0.075 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan’s payout ratio is 15.96%.

Freeport-McMoRan Company Profile

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.