Meyer Handelman Co. Lowers Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Meyer Handelman Co. cut its position in shares of Freeport-McMoRan Inc. (NYSE:FCXGet Rating) by 2.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 511,980 shares of the natural resource company’s stock after selling 11,500 shares during the quarter. Meyer Handelman Co.’s holdings in Freeport-McMoRan were worth $14,981,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Schroder Investment Management Group increased its holdings in Freeport-McMoRan by 33.3% during the 4th quarter. Schroder Investment Management Group now owns 390,805 shares of the natural resource company’s stock valued at $16,308,000 after purchasing an additional 97,528 shares during the period. Fiduciary Trust Co. lifted its stake in shares of Freeport-McMoRan by 15.3% in the fourth quarter. Fiduciary Trust Co. now owns 9,433 shares of the natural resource company’s stock worth $393,000 after buying an additional 1,250 shares in the last quarter. Rockefeller Capital Management L.P. lifted its stake in shares of Freeport-McMoRan by 29.9% in the fourth quarter. Rockefeller Capital Management L.P. now owns 273,246 shares of the natural resource company’s stock worth $11,401,000 after buying an additional 62,861 shares in the last quarter. Rodgers Brothers Inc. bought a new position in Freeport-McMoRan during the fourth quarter valued at approximately $240,000. Finally, LPL Financial LLC lifted its position in Freeport-McMoRan by 6.2% during the fourth quarter. LPL Financial LLC now owns 712,682 shares of the natural resource company’s stock valued at $29,740,000 after purchasing an additional 41,818 shares during the period. 77.38% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Down 6.9 %

NYSE FCX traded down $1.97 during trading on Friday, reaching $26.38. 856,468 shares of the company’s stock traded hands, compared to its average volume of 16,525,469. The company’s 50 day simple moving average is $29.85 and its two-hundred day simple moving average is $36.76. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.73 and a quick ratio of 1.94. Freeport-McMoRan Inc. has a 12-month low of $24.80 and a 12-month high of $51.99. The firm has a market cap of $37.70 billion, a price-to-earnings ratio of 8.03, a price-to-earnings-growth ratio of 0.36 and a beta of 2.00.

Freeport-McMoRan (NYSE:FCXGet Rating) last issued its quarterly earnings data on Thursday, July 21st. The natural resource company reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.31). Freeport-McMoRan had a return on equity of 22.04% and a net margin of 20.08%. The firm had revenue of $5.42 billion during the quarter, compared to analysts’ expectations of $6.20 billion. During the same period in the previous year, the firm earned $0.77 EPS. The firm’s quarterly revenue was down 5.8% on a year-over-year basis. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.69 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 14th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date of this dividend is Thursday, October 13th. Freeport-McMoRan’s payout ratio is currently 9.12%.

Analyst Ratings Changes

FCX has been the subject of a number of research reports. Barclays reduced their target price on shares of Freeport-McMoRan from $29.00 to $24.00 and set an “underweight” rating for the company in a report on Tuesday, July 19th. Exane BNP Paribas upgraded shares of Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $34.00 target price for the company in a research report on Wednesday, July 13th. Citigroup increased their price objective on shares of Freeport-McMoRan from $28.00 to $29.00 in a research report on Friday, July 22nd. BNP Paribas upgraded shares of Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $34.00 price objective for the company in a research report on Wednesday, July 13th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Freeport-McMoRan from $37.00 to $35.00 in a research report on Friday, July 22nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Hold” and a consensus target price of $42.00.

Insider Transactions at Freeport-McMoRan

In related news, Director Ryan Michael Lance bought 31,000 shares of the stock in a transaction that occurred on Monday, August 29th. The stock was bought at an average cost of $31.88 per share, for a total transaction of $988,280.00. Following the purchase, the director now directly owns 32,132 shares of the company’s stock, valued at $1,024,368.16. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Freeport-McMoRan news, Director Ryan Michael Lance acquired 31,000 shares of the firm’s stock in a transaction on Monday, August 29th. The stock was acquired at an average cost of $31.88 per share, for a total transaction of $988,280.00. Following the purchase, the director now owns 32,132 shares in the company, valued at approximately $1,024,368.16. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Sara Grootwassink Lewis acquired 3,000 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The shares were acquired at an average price of $28.79 per share, with a total value of $86,370.00. Following the completion of the purchase, the director now owns 13,800 shares in the company, valued at approximately $397,302. The disclosure for this purchase can be found here. Insiders own 0.72% of the company’s stock.

Freeport-McMoRan Company Profile

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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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