Freeport-McMoRan Inc. $FCX Shares Sold by Capital International Sarl

Capital International Sarl reduced its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 26.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 269,439 shares of the natural resource company’s stock after selling 96,867 shares during the period. Capital International Sarl’s holdings in Freeport-McMoRan were worth $13,685,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of FCX. JPL Wealth Management LLC acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth approximately $33,000. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $38,000. Modus Advisors LLC acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $40,000. Key Financial Inc raised its position in shares of Freeport-McMoRan by 32.3% during the 4th quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock worth $42,000 after purchasing an additional 202 shares during the last quarter. Finally, Laurel Wealth Advisors LLC acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $43,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently issued reports on FCX shares. Wells Fargo & Company cut their price objective on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, April 24th. Barclays started coverage on Freeport-McMoRan in a research report on Thursday, May 21st. They set an “overweight” rating and a $77.00 price objective for the company. The Goldman Sachs Group lifted their price objective on Freeport-McMoRan from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. HSBC lifted their price objective on Freeport-McMoRan from $69.00 to $72.00 and gave the stock a “buy” rating in a research report on Tuesday, April 14th. Finally, Raymond James Financial cut their price objective on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research report on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $66.04.

Freeport-McMoRan Stock Down 9.1%

FCX stock opened at $63.37 on Friday. The stock has a market capitalization of $91.10 billion, a P/E ratio of 33.71, a PEG ratio of 0.76 and a beta of 1.35. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.09. The company has a 50 day moving average price of $63.48 and a two-hundred day moving average price of $58.17.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.47 by $0.10. The firm had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. Freeport-McMoRan’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.24 EPS. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is presently 15.96%.

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.