Freeport-McMoRan Inc. $FCX Holdings Lowered by TIAA Trust National Association

TIAA Trust National Association decreased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 81.1% in the third quarter, HoldingsChannel reports. The firm owned 62,132 shares of the natural resource company’s stock after selling 267,111 shares during the period. TIAA Trust National Association’s holdings in Freeport-McMoRan were worth $2,437,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. UBS Group boosted their target price on shares of Freeport-McMoRan from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and raised their target price for the stock from $53.50 to $54.00 in a research report on Friday, January 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Freeport-McMoRan in a research report on Thursday, January 22nd. JPMorgan Chase & Co. increased their price objective on Freeport-McMoRan from $58.00 to $68.00 and gave the stock an “overweight” rating in a research note on Thursday, January 8th. Finally, Scotiabank raised their price objective on Freeport-McMoRan from $70.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, February 19th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and an average target price of $62.59.

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan news, CFO Maree E. Robertson sold 48,500 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer directly owned 79,894 shares of the company’s stock, valued at $4,917,475.70. The trade was a 37.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Ellie L. Mikes sold 11,000 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total transaction of $682,330.00. Following the transaction, the chief accounting officer owned 40,773 shares in the company, valued at approximately $2,529,149.19. This trade represents a 21.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 603,140 shares of company stock valued at $37,660,139 in the last ninety days. 0.75% of the stock is currently owned by insiders.

Freeport-McMoRan Trading Down 0.5%

NYSE FCX opened at $68.03 on Friday. The company has a current ratio of 2.29, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $69.75. The firm’s fifty day simple moving average is $59.55 and its 200-day simple moving average is $48.56. The company has a market capitalization of $97.77 billion, a PE ratio of 45.05, a price-to-earnings-growth ratio of 0.74 and a beta of 1.47.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.19. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The firm had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $5.42 billion. During the same quarter in the previous year, the company posted $0.31 earnings per share. The business’s quarterly revenue was down 1.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Investors 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 presently 19.87%.

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.