Securian Asset Management Inc. Sells 1,861 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Securian Asset Management Inc. lessened its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 82,598 shares of the natural resource company’s stock after selling 1,861 shares during the quarter. Securian Asset Management Inc.’s holdings in Freeport-McMoRan were worth $4,014,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Allworth Financial LP lifted its stake in Freeport-McMoRan by 47.7% in the fourth quarter. Allworth Financial LP now owns 4,318 shares of the natural resource company’s stock valued at $184,000 after buying an additional 1,394 shares during the period. International Assets Investment Management LLC grew its stake in shares of Freeport-McMoRan by 16.5% during the fourth quarter. International Assets Investment Management LLC now owns 31,112 shares of the natural resource company’s stock valued at $1,324,000 after buying an additional 4,397 shares during the last quarter. Cerity Partners LLC lifted its position in Freeport-McMoRan by 33.4% in the fourth quarter. Cerity Partners LLC now owns 63,534 shares of the natural resource company’s stock valued at $2,705,000 after purchasing an additional 15,898 shares during the last quarter. Sapient Capital LLC bought a new stake in Freeport-McMoRan during the 4th quarter valued at $200,000. Finally, Valeo Financial Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 58.3% during the fourth quarter. Valeo Financial Advisors LLC now owns 19,521 shares of the natural resource company’s stock worth $831,000 after purchasing an additional 7,192 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

Shares of FCX traded up $0.71 during midday trading on Monday, hitting $41.76. 6,034,725 shares of the company traded hands, compared to its average volume of 13,652,520. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The firm has a 50 day moving average of $47.61 and a 200-day moving average of $46.30. The stock has a market cap of $59.99 billion, a price-to-earnings ratio of 36.33, a PEG ratio of 2.07 and a beta of 1.92.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. During the same period last year, the firm posted $0.35 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 15.5% compared to the same quarter last year. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.67 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were paid a $0.15 dividend. The ex-dividend date was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.44%. Freeport-McMoRan’s payout ratio is 26.55%.

Analysts Set New Price Targets

FCX has been the subject of several research analyst reports. Argus raised their price objective on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. Scotiabank dropped their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set a “sector outperform” rating on the stock in a report on Wednesday, July 24th. UBS Group increased their price target on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 14th. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Finally, StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $53.07.

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.