Freeport-McMoRan Inc. $FCX Shares Sold by US Bancorp DE

US Bancorp DE lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 7.2% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 168,880 shares of the natural resource company’s stock after selling 13,183 shares during the quarter. US Bancorp DE’s holdings in Freeport-McMoRan were worth $6,623,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in FCX. Catalyst Financial Partners LLC grew its position in shares of Freeport-McMoRan by 6.0% in the third quarter. Catalyst Financial Partners LLC now owns 7,400 shares of the natural resource company’s stock valued at $290,000 after purchasing an additional 419 shares during the period. Fox Run Management L.L.C. purchased a new position in Freeport-McMoRan in the 3rd quarter valued at about $1,986,000. Waddell & Associates LLC increased its stake in Freeport-McMoRan by 41.3% during the 3rd quarter. Waddell & Associates LLC now owns 7,096 shares of the natural resource company’s stock worth $278,000 after buying an additional 2,074 shares in the last quarter. Aldebaran Capital LLC raised its holdings in shares of Freeport-McMoRan by 1.6% during the third quarter. Aldebaran Capital LLC now owns 51,733 shares of the natural resource company’s stock valued at $2,029,000 after acquiring an additional 830 shares during the last quarter. Finally, First American Trust FSB lifted its position in shares of Freeport-McMoRan by 0.6% in the third quarter. First American Trust FSB now owns 76,277 shares of the natural resource company’s stock valued at $2,992,000 after acquiring an additional 464 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FCX has been the subject of several recent research reports. 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 note on Friday, January 23rd. Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. Citigroup increased their target price on shares of Freeport-McMoRan from $48.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday, January 12th. Jefferies Financial Group lifted their price objective on Freeport-McMoRan from $68.00 to $76.00 and gave the company a “buy” rating in a research note on Tuesday, February 17th. Finally, Scotiabank lifted their price objective on shares of Freeport-McMoRan from $70.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, February 19th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $62.59.

Freeport-McMoRan Stock Down 0.5%

Shares of NYSE FCX opened at $68.03 on Monday. The business has a 50-day moving average price of $59.55 and a 200 day moving average price of $48.60. The stock has a market cap of $97.77 billion, a PE ratio of 45.05, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $69.75.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.19. The company had revenue of $5.63 billion for 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%. Freeport-McMoRan’s quarterly revenue was down 1.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.31 earnings per share. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Thursday, January 15th were paid a $0.075 dividend. The ex-dividend date was Thursday, January 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. Freeport-McMoRan’s payout ratio is 19.87%.

Insider Transactions at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 11,000 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $62.03, for a total value of $682,330.00. Following the completion of the transaction, the chief accounting officer owned 40,773 shares in the company, valued at $2,529,149.19. This trade represents a 21.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Stephen T. Higgins sold 29,654 shares of the business’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $63.00, for a total transaction of $1,868,202.00. Following the sale, the chief accounting officer directly owned 76,445 shares in the company, valued at approximately $4,816,035. This represents a 27.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 603,140 shares of company stock valued at $37,660,139 in the last three months. Insiders own 0.79% of the company’s stock.

Freeport-McMoRan Profile

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.