Freeport-McMoRan Inc. $FCX Shares Sold by TIAA Trust National Association

TIAA Trust National Association trimmed its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 81.1% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 62,132 shares of the natural resource company’s stock after selling 267,111 shares during the quarter. TIAA Trust National Association’s holdings in Freeport-McMoRan were worth $2,437,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Brighton Jones LLC boosted its stake in Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after purchasing an additional 2,882 shares during the period. Bison Wealth LLC increased its stake in shares of Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after purchasing an additional 507 shares during the period. Sivia Capital Partners LLC bought a new stake in shares of Freeport-McMoRan during the second quarter valued at approximately $560,000. AlphaQuest LLC boosted its position in shares of Freeport-McMoRan by 4,825.6% during the second quarter. AlphaQuest LLC now owns 6,354 shares of the natural resource company’s stock worth $275,000 after buying an additional 6,225 shares during the period. Finally, Jennison Associates LLC acquired a new position in shares of Freeport-McMoRan during the second quarter worth approximately $9,108,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 0.5%

FCX opened at $68.03 on Friday. 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 P/E/G ratio of 0.74 and a beta of 1.47. The stock’s fifty day moving average is $59.55 and its 200-day moving average is $48.56. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $69.75.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.19. The business had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The company’s quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the business posted $0.31 earnings per share. On average, equities analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Thursday, January 15th were paid 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 0.4%. Freeport-McMoRan’s payout ratio is currently 19.87%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on FCX shares. Argus upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, February 13th. Freedom Capital raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Saturday, February 21st. JPMorgan Chase & Co. raised their price target on Freeport-McMoRan from $58.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, January 8th. Weiss Ratings restated a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Thursday, January 22nd. Finally, UBS Group upped their price objective on shares of Freeport-McMoRan from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. Two investment 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. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.59.

Insider Buying and Selling

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 in the company, valued at approximately $14,141,558.12. The trade was a 25.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Maree E. Robertson sold 48,500 shares of the company’s stock in a transaction on Friday, February 13th. The shares were sold at an average price of $61.55, for a total value of $2,985,175.00. Following the completion of the transaction, the chief financial officer directly owned 79,894 shares in the company, valued at $4,917,475.70. This represents a 37.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 603,140 shares of company stock worth $37,660,139. 0.75% of the stock is owned by insiders.

About Freeport-McMoRan

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.