Worth Financial Advisory Group LLC Sells 10,715 Shares of Freeport-McMoRan Inc. $FCX

Worth Financial Advisory Group LLC lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 65.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,718 shares of the natural resource company’s stock after selling 10,715 shares during the period. Worth Financial Advisory Group LLC’s holdings in Freeport-McMoRan were worth $290,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Steigerwald Gordon & Koch Inc. bought a new stake in shares of Freeport-McMoRan in the 3rd quarter worth $25,000. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Freeport-McMoRan during the second quarter valued at $28,000. Salomon & Ludwin LLC increased its holdings in Freeport-McMoRan by 1,962.9% in the 3rd quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock worth $29,000 after buying an additional 687 shares in the last quarter. JPL Wealth Management LLC bought a new stake in shares of Freeport-McMoRan in the third quarter worth approximately $33,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in Freeport-McMoRan in the 3rd quarter worth approximately $36,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FCX has been the subject of a number of research reports. HSBC upped their target price on shares of Freeport-McMoRan from $48.00 to $69.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Citigroup increased their target price on Freeport-McMoRan from $48.00 to $67.00 and gave the stock a “buy” rating in a research report on Monday, January 12th. Jefferies Financial Group lifted their price target on shares of Freeport-McMoRan from $68.00 to $76.00 and gave the company a “buy” rating in a report on Tuesday, February 17th. UBS Group reduced their price objective on Freeport-McMoRan from $70.00 to $66.00 and set a “buy” rating on the stock in a research note on Friday, March 27th. Finally, Wells Fargo & Company upped their target price on shares of Freeport-McMoRan from $55.00 to $64.00 and gave the company an “overweight” rating in a research report on Tuesday, January 13th. Two 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 stock. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $62.75.

Freeport-McMoRan Stock Up 0.2%

Shares of Freeport-McMoRan stock opened at $61.32 on Friday. The firm’s 50 day moving average price is $61.30 and its 200-day moving average price is $51.03. The company has a market cap of $88.13 billion, a P/E ratio of 40.61, a PEG ratio of 0.72 and a beta of 1.48. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. 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 data on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.28 by $0.19. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The firm had revenue of $5.63 billion during the quarter, compared to analyst estimates of $5.42 billion. During the same period last year, the firm posted $0.31 EPS. Freeport-McMoRan’s revenue was down 1.5% on a year-over-year basis. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 19.87%.

Insider Buying and Selling

In other news, EVP Douglas N. Currault II sold 75,000 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $64.52, for a total value of $4,839,000.00. Following the sale, the executive vice president directly owned 219,181 shares of the company’s stock, valued at $14,141,558.12. The trade was a 25.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Richard C. Adkerson sold 248,031 shares of the stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $62.80, for a total value of $15,576,346.80. Following the completion of the transaction, the chairman directly owned 3,509,119 shares of the company’s stock, valued at approximately $220,372,673.20. This represents a 6.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 565,145 shares of company stock valued at $35,839,918 in the last ninety days. Company insiders own 0.75% of the company’s stock.

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.