Carrhae Capital LLP Sells 704,687 Shares of Freeport-McMoRan Inc. $FCX

Carrhae Capital LLP lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 52.2% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 644,376 shares of the natural resource company’s stock after selling 704,687 shares during the period. Freeport-McMoRan accounts for approximately 1.5% of Carrhae Capital LLP’s holdings, making the stock its 16th biggest position. Carrhae Capital LLP’s holdings in Freeport-McMoRan were worth $25,272,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Freeport-McMoRan by 1.4% during the third quarter. Vanguard Group Inc. now owns 128,760,188 shares of the natural resource company’s stock worth $5,049,975,000 after purchasing an additional 1,776,241 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in Freeport-McMoRan by 1.4% in the 3rd quarter. Fisher Asset Management LLC now owns 63,258,414 shares of the natural resource company’s stock worth $2,480,995,000 after purchasing an additional 899,699 shares in the last quarter. State Street Corp boosted its stake in Freeport-McMoRan by 1.1% in the 3rd quarter. State Street Corp now owns 62,477,910 shares of the natural resource company’s stock worth $2,450,384,000 after purchasing an additional 690,736 shares during the period. Wellington Management Group LLP boosted its stake in Freeport-McMoRan by 190.9% in the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after purchasing an additional 23,950,557 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Freeport-McMoRan by 2.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 21,671,223 shares of the natural resource company’s stock valued at $849,945,000 after buying an additional 435,963 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on FCX shares. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a research report on Wednesday, November 26th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Thursday, January 22nd. BMO Capital Markets lifted their price target on shares of Freeport-McMoRan from $55.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, January 14th. CICC Research boosted their price target on shares of Freeport-McMoRan from $50.40 to $64.40 and gave the stock an “outperform” rating in a research note on Monday, January 26th. Finally, Wall Street Zen downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. One 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 MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $62.59.

Insiders Place Their Bets

In other news, Chairman Richard C. Adkerson sold 248,031 shares of the business’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $62.80, for a total value of $15,576,346.80. Following the sale, the chairman directly owned 3,509,119 shares in the company, valued at $220,372,673.20. The trade was a 6.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Ellie L. Mikes sold 11,000 shares of the company’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $62.03, for a total transaction of $682,330.00. Following the sale, the chief accounting officer owned 40,773 shares in the company, valued at $2,529,149.19. This represents a 21.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 565,145 shares of company stock worth $35,839,918. Insiders own 0.79% of the company’s stock.

Freeport-McMoRan Stock Up 0.2%

NYSE FCX opened at $58.02 on Wednesday. The stock has a 50 day moving average price of $61.77 and a 200-day moving average price of $50.17. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $69.75. 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 market capitalization of $83.39 billion, a P/E ratio of 38.42, a P/E/G ratio of 0.68 and a beta of 1.41.

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

About Freeport-McMoRan

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.