Freeport-McMoRan Inc. $FCX Stock Sold by Profund Advisors LLC

Profund Advisors LLC cut its position in Freeport-McMoRan Inc. (NYSE:FCX) by 35.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 25,859 shares of the natural resource company’s stock after selling 14,236 shares during the quarter. Profund Advisors LLC’s holdings in Freeport-McMoRan were worth $1,810,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. NBH Bank acquired a new position in shares of Freeport-McMoRan during the second quarter worth approximately $28,000. Cassaday & Co Wealth Management LLC acquired a new stake in Freeport-McMoRan in the 1st quarter valued at approximately $29,000. Roxbury Financial LLC increased its position in Freeport-McMoRan by 196.5% in the 2nd quarter. Roxbury Financial LLC now owns 593 shares of the natural resource company’s stock valued at $37,000 after acquiring an additional 393 shares during the period. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Freeport-McMoRan in the 1st quarter valued at approximately $39,000. Finally, Center for Financial Planning Inc. raised its stake in Freeport-McMoRan by 730.2% during the 3rd quarter. Center for Financial Planning Inc. now owns 714 shares of the natural resource company’s stock valued at $50,000 after acquiring an additional 628 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

FCX has been the subject of a number of analyst reports. UBS Group reduced their price target on Freeport-McMoRan from $88.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, October 28th. Scotiabank lowered their price target on Freeport-McMoRan from $80.00 to $78.00 and set a “sector outperform” rating on the stock in a report on Wednesday, October 28th. Barclays lifted their price objective on shares of Freeport-McMoRan from $83.00 to $84.00 and gave the company an “overweight” rating in a research note on Monday, October 19th. Bank of America upped their price objective on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Finally, Weiss Ratings cut shares of Freeport-McMoRan from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $75.30.

Insider Activity at Freeport-McMoRan

In related news, CAO Ellie Mikes sold 4,773 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of the sale, the chief accounting officer owned 36,000 shares in the company, valued at approximately $2,520,000. This trade represents a 11.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Douglas Currault, II sold 80,000 shares of the business’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total value of $6,284,800.00. Following the transaction, the executive vice president owned 211,016 shares in the company, valued at $16,577,416.96. This represents a 27.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 102,848 shares of company stock worth $7,911,621 in the last three months. Corporate insiders own 0.73% of the company’s stock.

Freeport-McMoRan Stock Up 0.7%

FCX opened at $62.88 on Tuesday. Freeport-McMoRan Inc. has a one year low of $38.54 and a one year high of $80.24. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.92 and a current ratio of 2.02. The stock’s fifty day moving average is $71.32 and its 200-day moving average is $65.26. The company has a market capitalization of $90.30 billion, a PE ratio of 26.42, a P/E/G ratio of 0.59 and a beta of 1.39.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, October 27th. The natural resource company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. Freeport-McMoRan had a net margin of 13.03% and a return on equity of 12.09%. The firm had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.36 billion. During the same quarter last year, the business posted $0.50 EPS. The company’s revenue was up 8.2% on a year-over-year basis. On average, equities analysts predict that Freeport-McMoRan Inc. will post 3.04 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th were given a dividend of $0.0750 per share. The ex-dividend date of this dividend was Thursday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is currently 12.61%.

Freeport-McMoRan Profile

Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.