Moody National Bank Trust Division Has $328,000 Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Moody National Bank Trust Division lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 40.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,757 shares of the natural resource company’s stock after selling 4,650 shares during the quarter. Moody National Bank Trust Division’s holdings in Freeport-McMoRan were worth $328,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Tompkins Financial Corp lifted its stake in Freeport-McMoRan by 33.8% in the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 200 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its position in Freeport-McMoRan by 0.3% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock valued at $3,012,000 after purchasing an additional 203 shares in the last quarter. Proficio Capital Partners LLC lifted its position in Freeport-McMoRan by 0.5% in the 1st quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock worth $1,885,000 after buying an additional 207 shares in the last quarter. Kingsview Wealth Management LLC grew its holdings in shares of Freeport-McMoRan by 4.3% during the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock valued at $247,000 after acquiring an additional 214 shares in the last quarter. Finally, MV Capital Management Inc. increased its stake in shares of Freeport-McMoRan by 38.6% in the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 221 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FCX. HSBC upped their target price on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research report on Tuesday, April 23rd. StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday, April 25th. Scotiabank cut their price target 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. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, Raymond James cut their target price on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.07.

Insider Buying and Selling at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 80,000 shares of Freeport-McMoRan stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at approximately $5,430,735.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.79% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX traded up $0.17 during mid-day trading on Tuesday, hitting $41.04. The company’s stock had a trading volume of 11,299,444 shares, compared to its average volume of 13,750,078. The stock’s 50-day moving average is $48.59 and its two-hundred day moving average is $46.24. The firm has a market capitalization of $58.95 billion, a PE ratio of 36.32, a price-to-earnings-growth ratio of 2.07 and a beta of 1.92. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly 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 the consensus estimate of $6 billion. The business’s revenue was up 15.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.35 EPS. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.67 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.46%. Freeport-McMoRan’s dividend payout ratio is 26.55%.

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.