Freeport-McMoRan Inc. $FCX Stake Increased by Mackenzie Financial Corp

Mackenzie Financial Corp increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 86.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,167,214 shares of the natural resource company’s stock after purchasing an additional 541,742 shares during the quarter. Mackenzie Financial Corp owned 0.08% of Freeport-McMoRan worth $45,778,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of FCX. Great Lakes Advisors LLC raised its position in Freeport-McMoRan by 8.0% in the third quarter. Great Lakes Advisors LLC now owns 1,551,258 shares of the natural resource company’s stock worth $60,840,000 after acquiring an additional 115,285 shares in the last quarter. Summit Global Investments grew its stake in shares of Freeport-McMoRan by 278.4% in the 3rd quarter. Summit Global Investments now owns 46,157 shares of the natural resource company’s stock worth $1,810,000 after purchasing an additional 33,959 shares during the last quarter. Arrow Capital Pty Ltd raised its holdings in shares of Freeport-McMoRan by 88.5% in the 2nd quarter. Arrow Capital Pty Ltd now owns 113,100 shares of the natural resource company’s stock worth $4,903,000 after purchasing an additional 53,100 shares in the last quarter. Foster Victor Wealth Advisors LLC raised its holdings in shares of Freeport-McMoRan by 5.7% in the 3rd quarter. Foster Victor Wealth Advisors LLC now owns 383,488 shares of the natural resource company’s stock worth $15,213,000 after purchasing an additional 20,586 shares in the last quarter. Finally, Momentum Wealth Planning LLC acquired a new stake in Freeport-McMoRan during the second quarter valued at approximately $3,459,000. 80.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on FCX. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and increased their price objective for the company from $53.50 to $54.00 in a research report on Friday, January 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Freeport-McMoRan in a research report on Thursday, January 22nd. BNP Paribas Exane upped their target price on Freeport-McMoRan from $56.00 to $75.00 and gave the company an “outperform” rating in a report on Thursday, February 12th. Freedom Capital upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Finally, Raymond James Financial lifted their price target on Freeport-McMoRan from $53.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, January 15th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $62.59.

Insider Buying and Selling at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 11,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total value of $682,330.00. Following the sale, the chief accounting officer directly owned 40,773 shares in the company, valued at approximately $2,529,149.19. This represents a 21.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Maree E. Robertson sold 48,500 shares of Freeport-McMoRan stock in a transaction on Friday, February 13th. The shares were sold at an average price of $61.55, for a total value of $2,985,175.00. Following the transaction, the chief financial officer directly owned 79,894 shares of the company’s stock, valued at approximately $4,917,475.70. The trade was a 37.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 565,145 shares of company stock worth $35,839,918 in the last 90 days. 0.75% of the stock is currently owned by insiders.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $59.15 on Friday. The stock has a market capitalization of $85.02 billion, a P/E ratio of 39.18, a P/E/G ratio of 0.72 and a beta of 1.41. The business has a 50-day moving average of $61.58 and a two-hundred day moving average of $49.81. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $69.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.29 and a quick ratio of 1.05.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.19. The firm had revenue of $5.63 billion during the quarter, compared to analyst estimates of $5.42 billion. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The business’s revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.31 EPS. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Thursday, January 15th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Thursday, January 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 19.87%.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.