Commerzbank Aktiengesellschaft FI Takes Position in Freeport-McMoRan Inc. $FCX

Commerzbank Aktiengesellschaft FI acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 7,625 shares of the natural resource company’s stock, valued at approximately $480,000.

Other large investors have also made changes to their positions in the company. Trust Co. of Vermont purchased a new stake in Freeport-McMoRan during the second quarter valued at about $317,000. Diamond Hill Capital Management LLC Investment Advisor acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $35,515,000. USA Financial Formulas purchased a new stake in shares of Freeport-McMoRan during the 1st quarter worth about $280,000. First Community Trust NA purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter worth about $46,000. Finally, Family Wealth Partners LLC acquired a new stake in Freeport-McMoRan during the 2nd quarter worth approximately $208,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FCX has been the topic of several research reports. Royal Bank Of Canada raised their price target on shares of Freeport-McMoRan from $70.00 to $73.00 and gave the company a “sector perform” rating in a report on Friday, July 24th. Morgan Stanley increased their price objective on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 8th. BNP Paribas Exane raised their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research note on Thursday, June 18th. Stifel Nicolaus upped their price target on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Finally, The Goldman Sachs Group lowered their price target on Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $70.27.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $66.33 on Wednesday. The firm has a fifty day simple moving average of $64.15 and a 200-day simple moving average of $63.22. The company has a market capitalization of $95.25 billion, a PE ratio of 32.68, a price-to-earnings-growth ratio of 0.66 and a beta of 1.37. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.28. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.12. The firm had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The firm’s quarterly revenue was down 7.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.54 EPS. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were paid a $0.075 dividend. The ex-dividend date was Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s payout ratio is 14.78%.

Insider Activity

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 14,277 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total transaction of $992,251.50. Following the sale, the chief accounting officer directly owned 54,618 shares in the company, valued at $3,795,951. The trade was a 20.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ellie L. Mikes sold 4,773 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of the transaction, the chief accounting officer directly owned 36,000 shares in the company, valued at approximately $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 26,600 shares of company stock worth $1,802,012. Insiders own 0.73% 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.