Faithward Advisors LLC Cuts Position in Freeport-McMoRan Inc. $FCX

Faithward Advisors LLC decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 46.8% in the third quarter, HoldingsChannel.com reports. The firm owned 49,545 shares of the natural resource company’s stock after selling 43,566 shares during the quarter. Faithward Advisors LLC’s holdings in Freeport-McMoRan were worth $1,943,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of FCX. Brighton Jones LLC lifted its position in shares of Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after buying an additional 2,882 shares in the last quarter. Bison Wealth LLC grew its stake in Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after acquiring an additional 507 shares during the period. Sivia Capital Partners LLC purchased a new stake in Freeport-McMoRan in the 2nd quarter worth $560,000. Boston Partners increased its holdings in Freeport-McMoRan by 14.9% in the 2nd quarter. Boston Partners now owns 5,542,388 shares of the natural resource company’s stock worth $240,230,000 after acquiring an additional 716,770 shares in the last quarter. Finally, Creative Planning raised its position in Freeport-McMoRan by 16.3% during the second quarter. Creative Planning now owns 327,361 shares of the natural resource company’s stock worth $14,191,000 after acquiring an additional 45,861 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Douglas N. Currault II sold 75,000 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $64.52, for a total value of $4,839,000.00. Following the completion of the sale, the executive vice president owned 219,181 shares of the company’s stock, valued at approximately $14,141,558.12. This trade represents a 25.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Ellie L. Mikes sold 11,000 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $62.03, for a total value of $682,330.00. Following the completion of the sale, the chief accounting officer directly owned 40,773 shares of the company’s stock, valued at approximately $2,529,149.19. This represents a 21.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 565,145 shares of company stock worth $35,839,918. 0.79% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. HSBC increased their price objective on shares of Freeport-McMoRan from $48.00 to $69.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Jefferies Financial Group upped their price target on shares of Freeport-McMoRan from $68.00 to $76.00 and gave the stock a “buy” rating in a research report on Tuesday, February 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Thursday, January 22nd. Bank of America boosted their price objective on Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Finally, BMO Capital Markets increased their target price on Freeport-McMoRan from $55.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, January 14th. One investment analyst has 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.59.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $58.02 on Wednesday. The firm has a 50-day simple moving average of $61.77 and a 200-day simple moving average of $50.17. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $83.39 billion, a price-to-earnings ratio of 38.42, a price-to-earnings-growth ratio of 0.68 and a beta of 1.41. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $69.75.

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

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.