100,159 Freeport-McMoRan Inc. $FCX Shares Sold by Perpetual Ltd

Perpetual Ltd lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,125,784 shares of the natural resource company’s stock after selling 100,159 shares during the quarter. Freeport-McMoRan makes up approximately 2.3% of Perpetual Ltd’s holdings, making the stock its 11th largest position. Perpetual Ltd’s holdings in Freeport-McMoRan were worth $148,805,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. NBH Bank acquired a new stake in Freeport-McMoRan in the second quarter worth $28,000. Steph & Co. lifted its stake in Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after buying an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in shares of Freeport-McMoRan during the first quarter valued at $29,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Freeport-McMoRan during the fourth quarter valued at $25,000. Finally, Financial Life Planners acquired a new position in shares of Freeport-McMoRan during the first quarter valued at $34,000. 80.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Douglas N. Currault II sold 80,000 shares of Freeport-McMoRan stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total value of $6,284,800.00. Following the transaction, the executive vice president owned 211,016 shares of the company’s stock, valued at approximately $16,577,416.96. This trade represents a 27.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lydia H. Kennard sold 3,798 shares of Freeport-McMoRan stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $79.11, for a total value of $300,459.78. Following the completion of the transaction, the director directly owned 122,702 shares in the company, valued at $9,706,955.22. This represents a 3.00% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 110,398 shares of company stock valued at $8,387,271. 0.73% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. BMO Capital Markets upped their price target on shares of Freeport-McMoRan from $78.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 29th. Morgan Stanley lifted their price objective on shares of Freeport-McMoRan from $70.00 to $75.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 7th. The Goldman Sachs Group reissued a “buy” rating on shares of Freeport-McMoRan in a research note on Thursday, September 10th. Freedom Broker lowered shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 3rd. Finally, BNP Paribas Exane upped their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a research report on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $76.22.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $73.37 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The stock has a market capitalization of $105.36 billion, a P/E ratio of 36.14, a P/E/G ratio of 0.70 and a beta of 1.39. Freeport-McMoRan Inc. has a 12-month low of $38.54 and a 12-month high of $80.24. The firm’s 50 day moving average is $71.98 and its 200-day moving average is $66.30.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The company had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%. The company’s quarterly revenue 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. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 2.87 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th will be given a dividend of $0.0750 per share. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. Freeport-McMoRan’s payout ratio is 14.78%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc (NYSE: FCX) is a leading international mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical systems, construction, transportation, renewable energy infrastructure and other industrial applications. The company also produces copper cathodes and concentrates, gold, molybdenum products and certain quantities of silver and other byproducts.

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