Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Hedeker Wealth LLC

Hedeker Wealth LLC reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 66,611 shares of the natural resource company’s stock after selling 428 shares during the period. Hedeker Wealth LLC’s holdings in Freeport-McMoRan were worth $3,132,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of FCX. Bruce G. Allen Investments LLC acquired a new stake in shares of Freeport-McMoRan during the 4th quarter worth about $27,000. Jones Financial Companies Lllp lifted its holdings in shares of 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 acquiring an additional 532 shares during the period. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth about $32,000. EdgeRock Capital LLC purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth about $35,000. Finally, American National Bank lifted its holdings in shares of Freeport-McMoRan by 348.8% during the 1st quarter. American National Bank now owns 745 shares of the natural resource company’s stock worth $35,000 after acquiring an additional 579 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 4.4 %

Shares of FCX traded up $2.14 during mid-day trading on Wednesday, reaching $50.85. 3,008,839 shares of the stock traded hands, compared to its average volume of 13,910,598. The firm has a market cap of $73.05 billion, a price-to-earnings ratio of 43.12, a P/E/G ratio of 1.99 and a beta of 1.92. The stock has a fifty day simple moving average of $50.58 and a 200 day simple moving average of $45.26. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $6.32 billion for 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 business’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 earnings per share. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.74 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. Stockholders of record on Monday, July 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date of this dividend is Monday, July 15th. Freeport-McMoRan’s payout ratio is currently 26.55%.

Insider Buying and Selling

In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the stock in a transaction on Monday, April 29th. The shares were sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the transaction, the vice president now directly owns 164,067 shares in the company, valued at approximately $8,529,843.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Stephen T. Higgins sold 43,900 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $51.08, for a total transaction of $2,242,412.00. Following the transaction, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,331,577.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Douglas N. Currault II sold 55,000 shares of the stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the transaction, the vice president now directly owns 164,067 shares in the company, valued at approximately $8,529,843.33. The disclosure for this sale can be found here. Over the last quarter, insiders sold 445,667 shares of company stock worth $22,755,070. Insiders own 0.79% of the company’s stock.

Wall Street Analyst Weigh In

FCX has been the topic of several recent analyst reports. StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. Bernstein Bank increased their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday, April 23rd. HSBC increased their price objective on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a report on Tuesday, April 23rd. Argus raised their price target 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. Finally, Raymond James raised their price target on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $52.93.

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.