Veracity Capital LLC Has $555,000 Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Veracity Capital LLC lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 25.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,800 shares of the natural resource company’s stock after selling 4,015 shares during the quarter. Veracity Capital LLC’s holdings in Freeport-McMoRan were worth $555,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in FCX. Bruce G. Allen Investments LLC bought a new stake in Freeport-McMoRan in the fourth quarter valued at about $27,000. Jones Financial Companies Lllp increased its holdings in Freeport-McMoRan by 422.2% in the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 532 shares during the last quarter. Vermillion & White Wealth Management Group LLC bought a new stake in Freeport-McMoRan in the fourth quarter valued at about $32,000. EdgeRock Capital LLC bought a new stake in Freeport-McMoRan in the fourth quarter valued at about $35,000. Finally, American National Bank increased its holdings in Freeport-McMoRan by 348.8% in the first quarter. American National Bank now owns 745 shares of the natural resource company’s stock valued at $35,000 after purchasing an additional 579 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Insiders Place Their Bets

In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction on 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 owns 164,067 shares in the company, valued at approximately $8,529,843.33. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, VP Douglas N. Currault II sold 55,000 shares of Freeport-McMoRan stock in a transaction on Monday, April 29th. The stock was sold at an average price of $51.99, for a total value of $2,859,450.00. Following the transaction, the vice president now owns 164,067 shares in the company, valued at approximately $8,529,843.33. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Stephen T. Higgins sold 80,000 shares of Freeport-McMoRan stock in a transaction on Monday, May 13th. The shares were sold at an average price of $52.03, for a total value of $4,162,400.00. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,430,735.31. The disclosure for this sale can be found here. Insiders have sold a total of 445,667 shares of company stock worth $22,755,070 in the last 90 days. Company insiders own 0.79% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX traded up $1.94 during mid-day trading on Thursday, reaching $50.65. The company’s stock had a trading volume of 8,913,699 shares, compared to its average volume of 10,552,033. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24. The stock has a market cap of $72.76 billion, a P/E ratio of 44.82, a PEG ratio of 2.00 and a beta of 1.92. The business has a 50-day simple moving average of $50.65 and a two-hundred day simple moving average of $45.34. The company has a current ratio of 2.35, a quick ratio of 1.41 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The company had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter last year, the company earned $0.52 earnings per share. The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.74 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.18%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Bernstein Bank increased their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday, April 23rd. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. UBS Group increased their price target on Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a report on Tuesday, May 14th. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $49.50 to $62.00 in a report on Friday, June 21st. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research report on Monday, June 10th. 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $52.93.

Freeport-McMoRan Profile

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.