BI Asset Management Fondsmaeglerselskab A S Cuts Stake in Freeport-McMoRan Inc. $FCX

BI Asset Management Fondsmaeglerselskab A S cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 9.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 116,857 shares of the natural resource company’s stock after selling 11,930 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Freeport-McMoRan were worth $4,424,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its holdings in Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after purchasing an additional 2,882 shares during the period. Bank Pictet & Cie Europe AG boosted its stake in shares of Freeport-McMoRan by 27.2% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company’s stock valued at $20,565,000 after buying an additional 115,552 shares during the period. MML Investors Services LLC grew its position in shares of Freeport-McMoRan by 0.5% during the fourth quarter. MML Investors Services LLC now owns 155,110 shares of the natural resource company’s stock worth $5,907,000 after buying an additional 844 shares in the last quarter. Stifel Financial Corp raised its holdings in Freeport-McMoRan by 5.9% in the fourth quarter. Stifel Financial Corp now owns 1,474,551 shares of the natural resource company’s stock valued at $56,151,000 after acquiring an additional 81,633 shares in the last quarter. Finally, OneDigital Investment Advisors LLC raised its holdings in Freeport-McMoRan by 5.4% in the fourth quarter. OneDigital Investment Advisors LLC now owns 15,191 shares of the natural resource company’s stock valued at $578,000 after acquiring an additional 780 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on FCX shares. Scotiabank raised their price objective on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 9th. Citigroup upped their price objective on Freeport-McMoRan from $44.00 to $48.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 8th. Hsbc Global Res downgraded Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 22nd. Royal Bank Of Canada boosted their target price on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a “sector perform” rating in a research note on Wednesday, June 4th. Finally, Stifel Canada upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Tuesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $51.00.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $41.3070 on Thursday. The stock has a market cap of $59.31 billion, a P/E ratio of 31.29, a P/E/G ratio of 0.79 and a beta of 1.63. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $52.61. The stock has a 50 day moving average of $42.99 and a two-hundred day moving average of $39.33. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business had revenue of $7.58 billion for the quarter, compared to analysts’ expectations of $6.85 billion. During the same period in the previous year, the company posted $0.46 EPS. The company’s quarterly revenue was up 14.5% on a year-over-year basis. On average, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 22.73%.

Insider Activity

In related news, CAO Ellie L. Mikes sold 8,584 shares of the business’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the transaction, the chief accounting officer owned 48,333 shares in the company, valued at $1,934,286.66. The trade was a 15.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.75% of the stock is currently owned by corporate insiders.

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.