Mosaic Family Wealth Partners LLC Lowers Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Mosaic Family Wealth Partners LLC cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 7.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,574 shares of the natural resource company’s stock after selling 2,840 shares during the period. Mosaic Family Wealth Partners LLC’s holdings in Freeport-McMoRan were worth $1,626,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in FCX. Oak Thistle LLC bought a new position in shares of Freeport-McMoRan during the 4th quarter valued at approximately $417,000. TIAA Trust National Association boosted its position in shares of Freeport-McMoRan by 23.3% during the 4th quarter. TIAA Trust National Association now owns 15,305 shares of the natural resource company’s stock valued at $652,000 after acquiring an additional 2,897 shares during the last quarter. Stonegate Investment Group LLC boosted its position in shares of Freeport-McMoRan by 1.3% during the 4th quarter. Stonegate Investment Group LLC now owns 27,165 shares of the natural resource company’s stock valued at $1,156,000 after acquiring an additional 337 shares during the last quarter. Webster Bank N. A. boosted its position in shares of Freeport-McMoRan by 6,469.2% during the 4th quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock valued at $36,000 after acquiring an additional 841 shares during the last quarter. Finally, Venturi Wealth Management LLC boosted its position in shares of Freeport-McMoRan by 122.5% during the 4th quarter. Venturi Wealth Management LLC now owns 930 shares of the natural resource company’s stock valued at $40,000 after acquiring an additional 512 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Down 3.8 %

NYSE FCX traded down $1.66 during trading hours on Friday, hitting $41.97. 17,152,432 shares of the company were exchanged, compared to its average volume of 11,729,642. The company has a 50 day moving average of $48.80 and a two-hundred day moving average of $46.17. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The firm has a market cap of $60.29 billion, a price-to-earnings ratio of 37.14, a PEG ratio of 2.07 and a beta of 1.92.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same period in the prior year, the firm posted $0.35 EPS. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s payout ratio is currently 26.55%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on FCX shares. Deutsche Bank Aktiengesellschaft increased their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a report on Monday, June 10th. Argus increased their price target on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, April 25th. UBS Group increased their target price on Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 14th. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $49.50 to $62.00 in a research note on Friday, June 21st. Finally, HSBC increased their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research report on Tuesday, April 23rd. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $53.07.

Insider Activity at Freeport-McMoRan

In other news, CEO Richard C. Adkerson sold 54,771 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $50.78, for a total transaction of $2,781,271.38. Following the sale, the chief executive officer now owns 3,652,478 shares in the company, valued at $185,472,832.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Freeport-McMoRan news, CEO Richard C. Adkerson sold 54,771 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $50.78, for a total value of $2,781,271.38. Following the transaction, the chief executive officer now directly owns 3,652,478 shares of the company’s stock, valued at $185,472,832.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Stephen T. Higgins sold 80,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $52.03, for a total value of $4,162,400.00. Following the completion of the transaction, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,430,735.31. The disclosure for this sale can be found here. 0.79% of the stock is currently owned by company insiders.

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.