Xponance Inc. Has $7.99 Million Holdings in Freeport-McMoRan Inc. $FCX

Xponance Inc. cut its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 3.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 203,624 shares of the natural resource company’s stock after selling 8,154 shares during the period. Xponance Inc.’s holdings in Freeport-McMoRan were worth $7,986,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of FCX. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in Freeport-McMoRan by 89.4% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 17,569,169 shares of the natural resource company’s stock worth $761,623,000 after purchasing an additional 8,292,873 shares during the last quarter. Crake Asset Management LLP increased its stake in shares of Freeport-McMoRan by 60.6% in the 2nd quarter. Crake Asset Management LLP now owns 9,522,673 shares of the natural resource company’s stock valued at $412,808,000 after buying an additional 3,593,050 shares during the period. Voya Investment Management LLC raised its position in shares of Freeport-McMoRan by 289.0% during the third quarter. Voya Investment Management LLC now owns 3,844,504 shares of the natural resource company’s stock worth $150,781,000 after acquiring an additional 2,856,302 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Freeport-McMoRan by 205.0% during the second quarter. AQR Capital Management LLC now owns 4,186,621 shares of the natural resource company’s stock valued at $181,490,000 after acquiring an additional 2,813,845 shares during the period. Finally, Marshall Wace LLP boosted its holdings in Freeport-McMoRan by 139.3% in the second quarter. Marshall Wace LLP now owns 4,327,245 shares of the natural resource company’s stock valued at $187,586,000 after acquiring an additional 2,518,641 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

FCX has been the topic of a number of research reports. Raymond James Financial upped their target price on shares of Freeport-McMoRan from $53.00 to $66.00 and gave the company an “outperform” rating in a research report on Thursday, January 15th. BNP Paribas Exane boosted their price target on shares of Freeport-McMoRan from $56.00 to $75.00 and gave the stock an “outperform” rating in a research note on Thursday, February 12th. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and raised their price objective for the company from $53.50 to $54.00 in a research note on Friday, January 23rd. CICC Research upped their target price on shares of Freeport-McMoRan from $50.40 to $64.40 and gave the company an “outperform” rating in a research report on Monday, January 26th. Finally, UBS Group increased their price target on Freeport-McMoRan from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $62.59.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, EVP Douglas N. Currault II sold 75,000 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $64.52, for a total value of $4,839,000.00. Following the transaction, the executive vice president owned 219,181 shares of the company’s stock, valued at approximately $14,141,558.12. The trade was a 25.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Richard C. Adkerson sold 152,960 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $64.65, for a total transaction of $9,888,864.00. Following the completion of the transaction, the chairman owned 3,356,159 shares of the company’s stock, valued at $216,975,679.35. This trade represents a 4.36% 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 over the last 90 days. Insiders own 0.75% of the company’s stock.

Freeport-McMoRan Stock Down 0.5%

Shares of NYSE:FCX opened at $68.03 on Friday. The company has a 50 day moving average price of $59.55 and a two-hundred day moving average price of $48.56. 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 company has a market capitalization of $97.77 billion, a PE ratio of 45.05, a PEG ratio of 0.74 and a beta of 1.47. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $69.75.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly 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. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The company had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $5.42 billion. During the same period last year, the firm posted $0.31 earnings per share. The business’s quarterly revenue was down 1.5% compared to the same quarter last year. 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. Shareholders of record on Thursday, January 15th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Thursday, January 15th. Freeport-McMoRan’s dividend payout ratio is 19.87%.

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.