Osaic Holdings Inc. Has $18 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Osaic Holdings Inc. cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 19.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 382,681 shares of the natural resource company’s stock after selling 91,036 shares during the period. Osaic Holdings Inc.’s holdings in Freeport-McMoRan were worth $17,996,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in FCX. Jones Financial Companies Lllp lifted its holdings in Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 532 shares during the last quarter. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Freeport-McMoRan in the fourth quarter valued at about $32,000. EdgeRock Capital LLC bought a new position in Freeport-McMoRan during the fourth quarter worth about $35,000. American National Bank raised its stake in Freeport-McMoRan by 348.8% in the 1st quarter. American National Bank now owns 745 shares of the natural resource company’s stock worth $35,000 after purchasing an additional 579 shares in the last quarter. Finally, Webster Bank N. A. boosted its holdings in Freeport-McMoRan by 6,469.2% in the 4th quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock valued at $36,000 after purchasing an additional 841 shares during the period. Institutional investors own 80.77% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Stephen T. Higgins sold 42,767 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at approximately $5,255,381.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Stephen T. Higgins sold 42,767 shares of Freeport-McMoRan stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,255,381.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Stephen T. Higgins sold 80,000 shares of the business’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $52.03, for a total transaction 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. In the last ninety days, insiders sold 445,667 shares of company stock valued at $22,755,070. Corporate insiders own 0.79% of the company’s stock.

Freeport-McMoRan Stock Up 0.2 %

Freeport-McMoRan stock traded up $0.11 during mid-day trading on Monday, reaching $46.01. The stock had a trading volume of 12,360,629 shares, compared to its average volume of 13,648,607. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The stock’s 50-day simple moving average is $50.49 and its 200-day simple moving average is $45.97. The firm has a market capitalization of $66.09 billion, a PE ratio of 40.26, a price-to-earnings-growth ratio of 1.07 and a beta of 1.92.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The business had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.52 EPS. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be paid a dividend of $0.15 per share. The ex-dividend date is Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.30%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 26.55%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FCX. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $49.50 to $62.00 in a report on Friday, June 21st. Bernstein Bank increased their target price on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday, April 23rd. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Finally, Argus raised their target price on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average price target of $52.93.

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.