Freeport-McMoRan Inc. $FCX Stake Lessened by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp cut its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 21.9% during the 2nd quarter, HoldingsChannel reports. The fund owned 775,711 shares of the natural resource company’s stock after selling 217,282 shares during the period. OMERS ADMINISTRATION Corp’s holdings in Freeport-McMoRan were worth $48,784,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Freeport-McMoRan by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after acquiring an additional 1,572,769 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Freeport-McMoRan by 1.0% in the 4th quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock valued at $3,244,504,000 after purchasing an additional 622,343 shares in the last quarter. State Street Corp raised its stake in shares of Freeport-McMoRan by 0.6% in the 4th quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock valued at $3,193,327,000 after purchasing an additional 395,226 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Freeport-McMoRan by 20.0% during 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 purchasing an additional 7,044,775 shares during the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of Freeport-McMoRan by 31.2% during the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after purchasing an additional 8,891,743 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on FCX shares. Royal Bank Of Canada lifted their price target on Freeport-McMoRan from $70.00 to $73.00 and gave the stock a “sector perform” rating in a research note on Friday, July 24th. Bank of America increased their target price on Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Sanford C. Bernstein increased their target price on Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a report on Wednesday, June 10th. CICC Research decreased their target price on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research report on Tuesday, April 28th. Finally, Stifel Nicolaus boosted their price target on Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $70.27.

Freeport-McMoRan Trading Up 0.0%

Freeport-McMoRan stock opened at $76.68 on Monday. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $77.33. The firm’s 50-day moving average is $64.55 and its 200-day moving average is $63.44. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The company has a market cap of $110.11 billion, a P/E ratio of 37.77, a PEG ratio of 0.76 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The business had revenue of $7.03 billion during 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 company’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.54 EPS. On average, equities analysts expect that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Wednesday, July 15th. Freeport-McMoRan’s payout ratio is presently 14.78%.

Insider Buying and Selling

In other news, CAO Ellie L. Mikes sold 4,773 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the transaction, the chief accounting officer directly owned 36,000 shares of the company’s stock, valued at approximately $2,520,000. This represents a 11.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Stephen T. Higgins sold 14,277 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total value of $992,251.50. Following the sale, the chief accounting officer owned 54,618 shares in the company, valued at $3,795,951. The trade was a 20.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 26,600 shares of company stock valued at $1,802,012. 0.73% of the stock is currently 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.