Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Adams Diversified Equity Fund Inc.

Adams Diversified Equity Fund Inc. cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 41.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 187,200 shares of the natural resource company’s stock after selling 134,900 shares during the period. Adams Diversified Equity Fund Inc.’s holdings in Freeport-McMoRan were worth $7,087,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Mizuho Bank Ltd. purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $26,000. Vision Financial Markets LLC acquired a new stake in Freeport-McMoRan in the 4th quarter worth about $27,000. Kohmann Bosshard Financial Services LLC purchased a new stake in Freeport-McMoRan in the 4th quarter valued at about $29,000. Coppell Advisory Solutions LLC increased its stake in shares of Freeport-McMoRan by 47.4% during the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company’s stock valued at $32,000 after acquiring an additional 268 shares during the last quarter. Finally, City Holding Co. acquired a new position in shares of Freeport-McMoRan during the 1st quarter valued at about $33,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 2.6%

NYSE:FCX opened at $42.02 on Wednesday. The business’s 50-day moving average is $38.60 and its two-hundred day moving average is $38.14. The firm has a market capitalization of $60.38 billion, a PE ratio of 34.73, a price-to-earnings-growth ratio of 0.80 and a beta of 1.64. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.32 and a quick ratio of 1.13.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.01. The business had revenue of $5.73 billion during the quarter, compared to analyst estimates of $5.36 billion. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The company’s revenue for the quarter was down 9.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.32 earnings per share. Research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Analyst Ratings Changes

FCX has been the topic of several research analyst reports. Scotiabank raised shares of Freeport-McMoRan from a “sector perform” rating to a “sector outperform” rating and raised their target price for the stock from $43.00 to $48.00 in a research report on Monday, June 16th. JPMorgan Chase & Co. cut their price target on shares of Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Raymond James Financial reissued an “outperform” rating and set a $52.00 price objective on shares of Freeport-McMoRan in a research note on Friday, April 25th. Wolfe Research upgraded Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 price objective for the company in a report on Wednesday, April 16th. Finally, UBS Group reduced their target price on Freeport-McMoRan from $52.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.27.

Insider Activity

In related news, CAO Ellie L. Mikes sold 8,584 shares of the firm’s stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the sale, the chief accounting officer now directly owns 48,333 shares of the company’s stock, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.79% of the company’s stock.

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.