Worth Financial Advisory Group LLC Reduces Position in Freeport-McMoRan Inc. $FCX

Worth Financial Advisory Group LLC decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 65.2% in the fourth quarter, Holdings Channel reports. The fund 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 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. Earned Wealth Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 12.3% during the 4th quarter. Earned Wealth Advisors LLC now owns 6,798 shares of the natural resource company’s stock worth $345,000 after purchasing an additional 746 shares during the last quarter. Walker Asset Management LLC acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $202,000. Ellsworth Advisors LLC lifted its position in Freeport-McMoRan by 14.7% during the fourth quarter. Ellsworth Advisors LLC now owns 51,258 shares of the natural resource company’s stock worth $2,603,000 after buying an additional 6,578 shares in the last quarter. Trust Co. of Vermont lifted its position in Freeport-McMoRan by 25.6% during the fourth quarter. Trust Co. of Vermont now owns 6,857 shares of the natural resource company’s stock worth $348,000 after buying an additional 1,397 shares in the last quarter. Finally, Legacy Capital Wealth Partners LLC acquired a new position in Freeport-McMoRan during the fourth quarter worth $247,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Ellie L. Mikes sold 11,000 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $62.03, for a total value of $682,330.00. Following the completion of the transaction, the chief accounting officer owned 40,773 shares in the company, valued at approximately $2,529,149.19. The trade was a 21.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Douglas N. Currault II sold 75,000 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $64.52, for a total transaction of $4,839,000.00. Following the sale, the executive vice president owned 219,181 shares in the company, valued at approximately $14,141,558.12. This trade represents a 25.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 565,145 shares of company stock worth $35,839,918 in the last three months. 0.75% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Stock Up 0.2%

Shares of FCX opened at $61.32 on Friday. The company’s 50-day moving average price is $61.30 and its 200 day moving average price is $51.03. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $69.75. The company has a current ratio of 2.29, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29. The firm has a market cap of $88.13 billion, a P/E ratio of 40.61, a price-to-earnings-growth ratio of 0.72 and a beta of 1.48.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, topping 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 company had revenue of $5.63 billion during the quarter, compared to analyst estimates of $5.42 billion. During the same quarter last year, the firm posted $0.31 earnings per share. Freeport-McMoRan’s revenue was down 1.5% compared to the same quarter last year. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio is currently 19.87%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FCX shares. Raymond James Financial upped their target price on Freeport-McMoRan from $53.00 to $66.00 and gave the company an “outperform” rating in a report on Thursday, January 15th. BMO Capital Markets boosted their price target on shares of Freeport-McMoRan from $55.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, January 14th. The Goldman Sachs Group initiated coverage on shares of Freeport-McMoRan in a report on Thursday. They issued a “buy” rating and a $70.00 price objective for the company. BNP Paribas Exane raised their price objective on shares of Freeport-McMoRan from $56.00 to $75.00 and gave the stock an “outperform” rating in a research report on Thursday, February 12th. Finally, UBS Group reduced their target price on shares of Freeport-McMoRan from $70.00 to $66.00 and set a “buy” rating on the stock in a research note on Friday, March 27th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.75.

About Freeport-McMoRan

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.