Freeport-McMoRan Inc. $FCX Shares Sold by Capital International Ltd. CA

Capital International Ltd. CA trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 34.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 184,708 shares of the natural resource company’s stock after selling 95,266 shares during the period. Capital International Ltd. CA’s holdings in Freeport-McMoRan were worth $7,244,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Great Lakes Advisors LLC increased its stake in shares of Freeport-McMoRan by 8.0% during the third quarter. Great Lakes Advisors LLC now owns 1,551,258 shares of the natural resource company’s stock valued at $60,840,000 after acquiring an additional 115,285 shares during the period. Summit Global Investments lifted its holdings in shares of Freeport-McMoRan by 278.4% during the third quarter. Summit Global Investments now owns 46,157 shares of the natural resource company’s stock valued at $1,810,000 after purchasing an additional 33,959 shares during the last quarter. Arrow Capital Pty Ltd boosted its position 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 valued at $4,903,000 after purchasing an additional 53,100 shares during the period. Foster Victor Wealth Advisors LLC boosted its position in Freeport-McMoRan by 5.7% during 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 acquiring an additional 20,586 shares during the period. Finally, Momentum Wealth Planning LLC acquired a new stake in shares of Freeport-McMoRan during the second quarter worth approximately $3,459,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Up 1.8%

FCX opened at $60.42 on Tuesday. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $69.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29. The business has a 50 day moving average price of $60.98 and a 200 day moving average price of $49.53. The firm has a market cap of $86.84 billion, a P/E ratio of 40.01, a price-to-earnings-growth ratio of 0.70 and a beta of 1.41.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.19. The business 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 revenue was down 1.5% compared to the same quarter last year. During the same period last year, the business posted $0.31 EPS. Research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Cuts Dividend

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

Insider Buying and Selling

In related news, CAO Ellie L. Mikes sold 11,000 shares of the firm’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total transaction of $682,330.00. Following the completion of the sale, the chief accounting officer directly owned 40,773 shares of the company’s stock, valued at $2,529,149.19. This trade represents a 21.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Richard C. Adkerson sold 248,031 shares of the stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $62.80, for a total value of $15,576,346.80. Following the sale, the chairman owned 3,509,119 shares in the company, valued at $220,372,673.20. The trade was a 6.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 603,140 shares of company stock valued at $37,660,139 in the last ninety days. 0.79% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently commented on FCX. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and boosted their price target for the company from $53.50 to $54.00 in a report on Friday, January 23rd. UBS Group lifted their price objective on Freeport-McMoRan from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Raymond James Financial upped their target price on Freeport-McMoRan from $53.00 to $66.00 and gave the stock an “outperform” rating in a research report on Thursday, January 15th. JPMorgan Chase & Co. raised their price target on Freeport-McMoRan from $58.00 to $68.00 and gave the stock an “overweight” rating in a research note on Thursday, January 8th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a report on Wednesday, November 26th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $62.59.

Freeport-McMoRan Company 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.