Lincoln National Corp Sells 8,468 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Lincoln National Corp decreased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 22.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 29,024 shares of the natural resource company’s stock after selling 8,468 shares during the quarter. Lincoln National Corp’s holdings in Freeport-McMoRan were worth $1,236,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bruce G. Allen Investments LLC purchased a new stake in shares of Freeport-McMoRan in the 4th quarter worth $27,000. Webster Bank N. A. lifted its holdings in shares of Freeport-McMoRan by 6,469.2% in the 4th quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock worth $36,000 after buying an additional 841 shares during the period. CVA Family Office LLC purchased a new stake in shares of Freeport-McMoRan in the 4th quarter worth $38,000. Venturi Wealth Management LLC lifted its holdings in shares of Freeport-McMoRan by 122.5% in the 4th quarter. Venturi Wealth Management LLC now owns 930 shares of the natural resource company’s stock worth $40,000 after buying an additional 512 shares during the period. Finally, Sound Income Strategies LLC raised its position in shares of Freeport-McMoRan by 38.8% in the 4th quarter. Sound Income Strategies LLC now owns 965 shares of the natural resource company’s stock worth $41,000 after acquiring an additional 270 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $49.96 on Thursday. The company has a market capitalization of $71.66 billion, a P/E ratio of 44.21, a P/E/G ratio of 8.19 and a beta of 2.02. The business’s 50 day moving average is $46.63 and its two-hundred day moving average is $41.20. 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 Inc. has a 12-month low of $32.83 and a 12-month high of $52.52.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. Freeport-McMoRan’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.52 earnings per share. Analysts expect that Freeport-McMoRan Inc. will post 1.66 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were issued a dividend of $0.15 per share. The ex-dividend date was Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.20%. Freeport-McMoRan’s payout ratio is currently 26.55%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Argus boosted their price target on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Scotiabank reduced their price target on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating for the company in a research report on Wednesday, April 24th. Raymond James upped their target price on Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a research report on Wednesday, April 24th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a research report on Tuesday, April 9th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 target price on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $50.07.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,255,381.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Stephen T. Higgins sold 42,767 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,255,381.95. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Richard C. Adkerson sold 54,771 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $50.78, for a total value of $2,781,271.38. Following the completion of the sale, the chief executive officer now directly owns 3,652,478 shares of the company’s stock, valued at approximately $185,472,832.84. The disclosure for this sale can be found here. Insiders sold 365,667 shares of company stock valued at $18,592,670 over the last quarter. 0.78% of the stock is currently owned by insiders.

Freeport-McMoRan Company 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.