Xponance Inc. Has $7.99 Million Stake in Freeport-McMoRan Inc. $FCX

Xponance Inc. trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX) by 3.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 203,624 shares of the natural resource company’s stock after selling 8,154 shares during the period. Xponance Inc.’s holdings in Freeport-McMoRan were worth $7,986,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of FCX. Great Lakes Advisors LLC grew its stake in Freeport-McMoRan by 8.0% in the third quarter. Great Lakes Advisors LLC now owns 1,551,258 shares of the natural resource company’s stock valued at $60,840,000 after purchasing an additional 115,285 shares in the last quarter. Summit Global Investments raised its stake in shares of Freeport-McMoRan by 278.4% during the 3rd quarter. Summit Global Investments now owns 46,157 shares of the natural resource company’s stock worth $1,810,000 after purchasing an additional 33,959 shares in the last quarter. Arrow Capital Pty Ltd raised its stake in shares of Freeport-McMoRan by 88.5% during the 2nd quarter. Arrow Capital Pty Ltd now owns 113,100 shares of the natural resource company’s stock worth $4,903,000 after purchasing an additional 53,100 shares in the last quarter. Foster Victor Wealth Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 5.7% in the 3rd quarter. Foster Victor Wealth Advisors LLC now owns 383,488 shares of the natural resource company’s stock valued at $15,213,000 after buying an additional 20,586 shares during the last quarter. Finally, Momentum Wealth Planning LLC bought a new position in shares of Freeport-McMoRan in the second quarter valued at $3,459,000. 80.77% of the stock is currently owned by institutional investors.

Insider Activity at Freeport-McMoRan

In related news, CAO Stephen T. Higgins sold 29,654 shares of the business’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $63.00, for a total value of $1,868,202.00. Following the completion of the transaction, the chief accounting officer owned 76,445 shares of the company’s stock, valued at $4,816,035. The trade was a 27.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard C. Adkerson sold 152,960 shares of the company’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $64.65, for a total transaction of $9,888,864.00. Following the sale, the chairman directly owned 3,356,159 shares of the company’s stock, valued at $216,975,679.35. This represents a 4.36% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 603,140 shares of company stock worth $37,660,139 in the last quarter. 0.75% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

FCX has been the topic of several analyst reports. Citigroup upped their price target on shares of Freeport-McMoRan from $48.00 to $67.00 and gave the stock a “buy” rating in a research report on Monday, January 12th. Scotiabank lifted their price objective 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. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and upped their target price for the company from $53.50 to $54.00 in a report on Friday, January 23rd. Jefferies Financial Group raised their target price 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. Finally, Stifel Nicolaus lifted their price target on Freeport-McMoRan from $52.00 to $76.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.59.

Freeport-McMoRan Trading Down 0.5%

FCX stock opened at $68.03 on Friday. The company’s 50-day simple moving average is $59.55 and its 200 day simple moving average is $48.56. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $69.75. 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. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share 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 business earned $0.31 earnings per share. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

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

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.