Freeport-McMoRan Inc. $FCX Shares Bought by Fisher Asset Management LLC

Fisher Asset Management LLC raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 63,258,414 shares of the natural resource company’s stock after buying an additional 899,699 shares during the quarter. Fisher Asset Management LLC’s holdings in Freeport-McMoRan were worth $2,480,995,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FCX. Steigerwald Gordon & Koch Inc. purchased a new position in shares of Freeport-McMoRan during the 3rd quarter worth approximately $25,000. Twin Peaks Wealth Advisors LLC purchased a new position in Freeport-McMoRan in the second quarter valued at $28,000. Salomon & Ludwin LLC boosted its stake in shares of Freeport-McMoRan by 1,962.9% in the 3rd quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock valued at $29,000 after buying an additional 687 shares during the period. Pilgrim Partners Asia Pte Ltd acquired a new position in Freeport-McMoRan during the 3rd quarter worth approximately $36,000. Finally, Proffitt & Goodson Inc. grew its stake in shares of Freeport-McMoRan by 39.8% during the third quarter. Proffitt & Goodson Inc. now owns 977 shares of the natural resource company’s stock worth $38,000 after purchasing an additional 278 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Freeport-McMoRan

In other news, CFO Maree E. Robertson sold 48,500 shares of the company’s stock in a transaction on Friday, February 13th. The stock was sold at an average price of $61.55, for a total value of $2,985,175.00. Following the sale, the chief financial officer directly owned 79,894 shares in the company, valued at $4,917,475.70. This represents a 37.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Stephen T. Higgins sold 29,654 shares of the firm’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $63.00, for a total transaction of $1,868,202.00. Following the sale, the chief accounting officer directly owned 76,445 shares in the company, valued at $4,816,035. This represents a 27.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 603,140 shares of company stock worth $37,660,139 in the last 90 days. Insiders own 0.79% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the topic of several recent analyst reports. Freedom Capital upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Saturday, February 21st. HSBC boosted their price objective on shares of Freeport-McMoRan from $48.00 to $69.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Clarkson Capital raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 target price on the stock in a research report on Wednesday, November 19th. BMO Capital Markets lifted their price target on shares of Freeport-McMoRan from $55.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 14th. Finally, Raymond James Financial upped their price objective on shares of Freeport-McMoRan from $53.00 to $66.00 and gave the company an “outperform” rating in a research note on Thursday, January 15th. Two research 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $62.59.

Freeport-McMoRan Stock Down 0.5%

FCX stock opened at $68.03 on Monday. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $69.75. The stock has a market capitalization 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. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29. The company has a fifty day moving average of $59.55 and a 200-day moving average of $48.60.

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

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Thursday, January 15th were given a $0.075 dividend. The ex-dividend date was Thursday, January 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. Freeport-McMoRan’s payout ratio is currently 19.87%.

Freeport-McMoRan Company 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.