Annex Advisory Services LLC Sells 36,406 Shares of Freeport-McMoRan Inc. $FCX

Annex Advisory Services LLC cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 756,244 shares of the natural resource company’s stock after selling 36,406 shares during the period. Annex Advisory Services LLC’s holdings in Freeport-McMoRan were worth $47,560,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. KBC Group NV increased its stake in shares of Freeport-McMoRan by 49.0% in the fourth quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock worth $11,267,000 after purchasing an additional 73,002 shares in the last quarter. Fifth Third Bancorp raised its position in shares of Freeport-McMoRan by 34.5% during the 1st quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company’s stock valued at $62,478,000 after purchasing an additional 272,726 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in shares of Freeport-McMoRan during the 4th quarter valued at $8,857,000. Franklin Resources Inc. lifted its stake in shares of Freeport-McMoRan by 31.2% during the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after buying an additional 8,891,743 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in Freeport-McMoRan by 205.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 317,429 shares of the natural resource company’s stock worth $16,122,000 after buying an additional 213,477 shares during the period. Institutional investors own 80.77% of the company’s stock.

Insider Activity at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 14,277 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total transaction of $992,251.50. Following the sale, the chief accounting officer directly owned 54,618 shares of the company’s stock, valued at $3,795,951. This represents a 20.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Ellie L. Mikes sold 4,773 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the sale, the chief accounting officer directly owned 36,000 shares in the company, valued at $2,520,000. This trade represents a 11.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 26,600 shares of company stock valued at $1,802,012 in the last 90 days. 0.73% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. BNP Paribas Exane boosted their price objective on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research report on Thursday, June 18th. Wells Fargo & Company upped their price objective on Freeport-McMoRan from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. UBS Group increased their target price on Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Finally, Stifel Nicolaus lifted their target price on Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $70.27.

Freeport-McMoRan Stock Down 2.4%

Shares of FCX stock opened at $68.83 on Wednesday. The company’s fifty day simple moving average is $64.04 and its two-hundred day simple moving average is $63.01. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.28. The stock has a market cap of $98.94 billion, a P/E ratio of 33.90, a PEG ratio of 0.71 and a beta of 1.37. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. During the same quarter last year, the business posted $0.54 earnings per share. The business’s quarterly revenue was down 7.3% compared to the same quarter last year. Analysts predict that Freeport-McMoRan Inc. will post 2.76 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is presently 14.78%.

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.