SeaCrest Wealth Management LLC Decreases Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

SeaCrest Wealth Management LLC reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 11.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,019 shares of the natural resource company’s stock after selling 2,184 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in Freeport-McMoRan were worth $800,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Requisite Capital Management LLC lifted its position in shares of Freeport-McMoRan by 20.7% during the first quarter. Requisite Capital Management LLC now owns 10,881 shares of the natural resource company’s stock worth $512,000 after purchasing an additional 1,868 shares in the last quarter. Buffington Mohr McNeal lifted its position in shares of Freeport-McMoRan by 4.5% during the first quarter. Buffington Mohr McNeal now owns 113,718 shares of the natural resource company’s stock worth $5,347,000 after purchasing an additional 4,913 shares in the last quarter. MV Capital Management Inc. lifted its position in shares of Freeport-McMoRan by 38.6% during the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 221 shares in the last quarter. Congress Wealth Management LLC DE lifted its position in shares of Freeport-McMoRan by 1.2% during the first quarter. Congress Wealth Management LLC DE now owns 309,607 shares of the natural resource company’s stock worth $14,558,000 after purchasing an additional 3,740 shares in the last quarter. Finally, Silvia Mccoll Wealth Management LLC acquired a new position in shares of Freeport-McMoRan during the first quarter worth $223,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 4.0 %

Shares of NYSE:FCX opened at $50.64 on Thursday. The stock has a market capitalization of $72.74 billion, a price-to-earnings ratio of 44.81, a price-to-earnings-growth ratio of 1.99 and a beta of 1.92. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The company’s fifty day moving average is $50.63 and its two-hundred day moving average is $45.30. 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 (NYSE:FCX) last released its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. The business had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The company’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.52 earnings per share. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.74 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Monday, July 15th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.18%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Insider Activity at Freeport-McMoRan

In related news, CAO Stephen T. Higgins sold 42,767 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,255,381.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, 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 transaction of $4,162,400.00. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,430,735.31. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Stephen T. Higgins sold 42,767 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the transaction, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at approximately $5,255,381.95. The disclosure for this sale can be found here. Insiders sold 445,667 shares of company stock worth $22,755,070 in the last 90 days. Corporate insiders own 0.79% of the company’s stock.

Analyst Ratings Changes

FCX has been the topic of several recent analyst reports. StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. UBS Group upped their price target on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a report on Tuesday, May 14th. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $49.50 to $62.00 in a report on Friday, June 21st. Bernstein Bank upped their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a report on Tuesday, April 23rd. Finally, HSBC upped their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday, April 23rd. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus 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.