Capital International Sarl Sells 189,292 Shares of Freeport-McMoRan Inc. $FCX

Capital International Sarl lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 34.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 366,306 shares of the natural resource company’s stock after selling 189,292 shares during the period. Capital International Sarl’s holdings in Freeport-McMoRan were worth $14,367,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in FCX. Great Lakes Advisors LLC raised its stake in 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 worth $60,840,000 after acquiring an additional 115,285 shares in the last quarter. Summit Global Investments lifted its stake in Freeport-McMoRan by 278.4% in the 3rd 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 Freeport-McMoRan by 88.5% in the second quarter. Arrow Capital Pty Ltd now owns 113,100 shares of the natural resource company’s stock valued at $4,903,000 after buying an additional 53,100 shares in the last quarter. Foster Victor Wealth Advisors LLC increased its holdings in shares of Freeport-McMoRan by 5.7% during the third quarter. Foster Victor Wealth Advisors LLC now owns 383,488 shares of the natural resource company’s stock worth $15,213,000 after buying an additional 20,586 shares in the last quarter. Finally, Momentum Wealth Planning LLC bought a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $3,459,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FCX has been the subject of several recent research reports. Wall Street Zen downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research note on Wednesday, November 26th. UBS Group increased their price objective on Freeport-McMoRan from $60.00 to $70.00 and gave the company a “buy” rating in a report on Friday, January 23rd. Jefferies Financial Group upped their price target on Freeport-McMoRan from $68.00 to $76.00 and gave the company a “buy” rating in a research report on Tuesday, February 17th. Finally, Scotiabank lifted their price objective on Freeport-McMoRan from $70.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $62.59.

Insider Activity

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 29,654 shares of Freeport-McMoRan 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 completion of the transaction, the chief accounting officer owned 76,445 shares in the company, valued at approximately $4,816,035. The trade was a 27.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Maree E. Robertson sold 48,500 shares of the stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $61.55, for a total value of $2,985,175.00. Following the completion of the sale, the chief financial officer directly owned 79,894 shares of the company’s stock, valued at approximately $4,917,475.70. This trade represents a 37.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 603,140 shares of company stock valued at $37,660,139. 0.79% of the stock is currently owned by insiders.

Freeport-McMoRan Trading Up 1.8%

NYSE FCX opened at $60.42 on Tuesday. The business has a 50 day simple moving average of $60.98 and a 200 day simple moving average of $49.53. The stock has a market capitalization of $86.84 billion, a P/E ratio of 40.01, a P/E/G ratio of 0.70 and a beta of 1.41. 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 Inc. has a one year low of $27.66 and a one year high of $69.75.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the firm earned $0.31 earnings per share. Research analysts expect 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 given a $0.075 dividend. The ex-dividend date of this dividend was Thursday, January 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 19.87%.

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.