US Bancorp DE Sells 13,183 Shares of Freeport-McMoRan Inc. $FCX

US Bancorp DE cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 7.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 168,880 shares of the natural resource company’s stock after selling 13,183 shares during the quarter. US Bancorp DE’s holdings in Freeport-McMoRan were worth $6,623,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in Freeport-McMoRan by 89.4% during 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 raised its position in shares of Freeport-McMoRan by 60.6% in the 2nd quarter. Crake Asset Management LLP now owns 9,522,673 shares of the natural resource company’s stock worth $412,808,000 after acquiring an additional 3,593,050 shares in the last quarter. Voya Investment Management LLC raised its position in shares of Freeport-McMoRan by 289.0% in the 3rd quarter. Voya Investment Management LLC now owns 3,844,504 shares of the natural resource company’s stock worth $150,781,000 after acquiring an additional 2,856,302 shares in the last quarter. AQR Capital Management LLC boosted its position in Freeport-McMoRan by 205.0% during the second 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 in the last quarter. Finally, Marshall Wace LLP grew its stake in Freeport-McMoRan by 139.3% in the second quarter. Marshall Wace LLP now owns 4,327,245 shares of the natural resource company’s stock valued at $187,586,000 after purchasing an additional 2,518,641 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Insider Activity at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 11,000 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $62.03, for a total transaction of $682,330.00. Following the completion of the transaction, the chief accounting officer directly owned 40,773 shares of the company’s stock, valued at $2,529,149.19. The trade was a 21.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Maree E. Robertson sold 48,500 shares of the business’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 completion of the transaction, the chief financial officer owned 79,894 shares of the company’s stock, valued at approximately $4,917,475.70. This represents a 37.77% 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 valued at $37,660,139 in the last 90 days. 0.79% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $68.03 on Monday. The company has a current ratio of 2.29, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29. The company’s 50 day moving average is $59.55 and its 200 day moving average is $48.60. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $69.75. The company has a market cap of $97.77 billion, a PE ratio of 45.05, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41.

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

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Thursday, January 15th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Thursday, January 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 19.87%.

Analysts Set New Price Targets

Several research firms have commented on FCX. Scotiabank increased their price target on shares of Freeport-McMoRan from $70.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, February 19th. Citigroup increased their target price on shares of Freeport-McMoRan from $48.00 to $67.00 and gave the company a “buy” rating in a research report on Monday, January 12th. Stifel Nicolaus lifted their price target on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. JPMorgan Chase & Co. upped their price target on Freeport-McMoRan from $58.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, January 8th. Finally, Clarkson Capital raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 price objective for the company in a research report on Wednesday, November 19th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average target price of $62.59.

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.