Parallel Advisors LLC Has $2.31 Million Holdings in Freeport-McMoRan Inc. $FCX

Parallel Advisors LLC boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 35.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 58,825 shares of the natural resource company’s stock after purchasing an additional 15,434 shares during the period. Parallel Advisors LLC’s holdings in Freeport-McMoRan were worth $2,307,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in shares of Freeport-McMoRan by 89.4% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 17,569,169 shares of the natural resource company’s stock valued at $761,623,000 after buying an additional 8,292,873 shares during the period. Crake Asset Management LLP boosted its holdings in Freeport-McMoRan by 60.6% in the second quarter. Crake Asset Management LLP now owns 9,522,673 shares of the natural resource company’s stock valued at $412,808,000 after acquiring an additional 3,593,050 shares during the last quarter. Voya Investment Management LLC boosted its holdings in Freeport-McMoRan by 289.0% in the third quarter. Voya Investment Management LLC now owns 3,844,504 shares of the natural resource company’s stock valued at $150,781,000 after acquiring an additional 2,856,302 shares during the last quarter. AQR Capital Management LLC increased its position in Freeport-McMoRan by 205.0% during the 2nd quarter. AQR Capital Management LLC now owns 4,186,621 shares of the natural resource company’s stock valued at $181,490,000 after purchasing an additional 2,813,845 shares during the period. Finally, Marshall Wace LLP raised its holdings in Freeport-McMoRan by 139.3% during the 2nd quarter. Marshall Wace LLP now owns 4,327,245 shares of the natural resource company’s stock worth $187,586,000 after purchasing an additional 2,518,641 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on FCX shares. Jefferies Financial Group upped their price objective on shares of Freeport-McMoRan from $68.00 to $76.00 and gave the company a “buy” rating in a research note on Tuesday, February 17th. Raymond James Financial increased their price target on Freeport-McMoRan from $53.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, January 15th. Bank of America boosted their price objective on Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Finally, Citigroup lifted their target price on Freeport-McMoRan from $48.00 to $67.00 and gave the stock a “buy” rating in a report on Monday, January 12th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned 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 $62.59.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $60.42 on Tuesday. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $69.75. The company has a market cap of $86.84 billion, a PE ratio of 40.01, a P/E/G ratio of 0.70 and a beta of 1.41. The stock has a 50-day moving average of $60.98 and a 200-day moving average of $49.53. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.29 and a quick ratio of 1.05.

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

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Thursday, January 15th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Thursday, January 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 19.87%.

Insider Buying and Selling

In other Freeport-McMoRan news, CFO Maree E. Robertson sold 48,500 shares of the company’s stock in a transaction on Friday, February 13th. The shares were sold at an average price of $61.55, for a total transaction of $2,985,175.00. Following the transaction, the chief financial officer owned 79,894 shares in the company, valued at approximately $4,917,475.70. This represents a 37.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard C. Adkerson sold 248,031 shares of the firm’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $62.80, for a total transaction of $15,576,346.80. Following the completion of the transaction, the chairman directly owned 3,509,119 shares in the company, valued at $220,372,673.20. This trade represents a 6.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 603,140 shares of company stock worth $37,660,139 over the last quarter. Corporate insiders own 0.79% of the company’s stock.

Freeport-McMoRan Profile

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.