Freeport-McMoRan Inc. $FCX Shares Sold by Profund Advisors LLC

Profund Advisors LLC lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 35.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,859 shares of the natural resource company’s stock after selling 14,236 shares during the quarter. Profund Advisors LLC’s holdings in Freeport-McMoRan were worth $1,810,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp raised its position in shares of Freeport-McMoRan by 3.6% during the 2nd quarter. State Street Corp now owns 66,485,424 shares of the natural resource company’s stock valued at $4,181,268,000 after acquiring an additional 2,300,416 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Freeport-McMoRan by 20.0% in the first quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock worth $2,489,069,000 after acquiring an additional 7,044,775 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Freeport-McMoRan by 13.8% in the second quarter. Wellington Management Group LLP now owns 14,918,066 shares of the natural resource company’s stock worth $938,197,000 after acquiring an additional 1,810,698 shares in the last quarter. Amundi raised its position in shares of Freeport-McMoRan by 10.5% during the second quarter. Amundi now owns 11,819,898 shares of the natural resource company’s stock worth $743,353,000 after purchasing an additional 1,125,982 shares during the period. Finally, Jupiter Topco LLC acquired a new stake in shares of Freeport-McMoRan during the second quarter worth about $739,890,000. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

FCX has been the subject of several research analyst reports. Morgan Stanley boosted their price objective on Freeport-McMoRan from $70.00 to $75.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 7th. Bank of America raised their target price on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Scotiabank cut their price target on shares of Freeport-McMoRan from $80.00 to $78.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, October 28th. JPMorgan Chase & Co. cut their price objective on shares of Freeport-McMoRan from $92.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 28th. Finally, BMO Capital Markets upped their target price on shares of Freeport-McMoRan from $78.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $75.30.

Freeport-McMoRan Trading Up 0.7%

Freeport-McMoRan stock opened at $62.88 on Tuesday. The firm has a 50-day moving average of $71.32 and a 200-day moving average of $65.26. Freeport-McMoRan Inc. has a one year low of $38.54 and a one year high of $80.24. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.02 and a quick ratio of 0.92. The company has a market cap of $90.30 billion, a price-to-earnings ratio of 26.42, a P/E/G ratio of 0.59 and a beta of 1.39.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, October 27th. The natural resource company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.06. The business had revenue of $7.55 billion for the quarter, compared to the consensus estimate of $7.36 billion. Freeport-McMoRan had a return on equity of 12.09% and a net margin of 13.03%. Freeport-McMoRan’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.50 earnings per share. On average, equities analysts expect that Freeport-McMoRan Inc. will post 3.04 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 2nd. Investors of record on Thursday, October 15th were issued a dividend of $0.0750 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Thursday, October 15th. Freeport-McMoRan’s payout ratio is presently 12.61%.

Insider Activity

In other news, CAO Ellie L. Mikes sold 4,773 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the transaction, the chief accounting officer directly owned 36,000 shares in the company, valued at $2,520,000. The trade was a 11.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Douglas N. Currault II sold 80,000 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the transaction, the executive vice president owned 211,016 shares in the company, valued at $16,577,416.96. This represents a 27.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 102,848 shares of company stock valued at $7,911,621 in the last ninety days. Corporate insiders own 0.73% of the company’s stock.

Freeport-McMoRan Profile

Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.