Raiffeisen Bank International AG Sells 18,995 Shares of Freeport-McMoRan Inc. $FCX

Raiffeisen Bank International AG cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 46.7% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 21,674 shares of the natural resource company’s stock after selling 18,995 shares during the quarter. Raiffeisen Bank International AG’s holdings in Freeport-McMoRan were worth $1,336,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Strategic Investment Solutions Inc. IL purchased a new position in Freeport-McMoRan in the 4th quarter worth approximately $25,000. Steph & Co. increased its holdings in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after buying an additional 150 shares during the period. Cassaday & Co Wealth Management LLC purchased a new position in Freeport-McMoRan in the 1st quarter worth approximately $29,000. Kemnay Advisory Services Inc. bought a new stake in Freeport-McMoRan during the 4th quarter valued at $29,000. Finally, SHP Wealth Management bought a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $30,000. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on FCX. Weiss Ratings upgraded shares of Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 31st. Scotiabank increased their target price on Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a research note on Monday, June 15th. Wall Street Zen downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Jefferies Financial Group lifted their price target on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. Finally, The Goldman Sachs Group dropped their price target on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $70.27.

Insiders Place Their Bets

In other Freeport-McMoRan news, Director Lydia Kennard sold 3,798 shares of the firm’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $79.11, for a total transaction of $300,459.78. Following the sale, the director directly owned 122,702 shares of the company’s stock, valued at $9,706,955.22. This trade represents a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ellie Mikes sold 4,773 shares of the business’s 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 transaction, the chief accounting officer owned 36,000 shares in the company, valued at $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 110,398 shares of company stock worth $8,387,271. 0.73% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $72.66 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The stock has a 50-day simple moving average of $66.40 and a two-hundred day simple moving average of $64.37. The firm has a market capitalization of $104.34 billion, a PE ratio of 35.79, a P/E/G ratio of 0.71 and a beta of 1.41. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $80.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The firm had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business’s quarterly revenue was down 7.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.54 EPS. Analysts forecast that Freeport-McMoRan Inc. will post 2.81 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is presently 14.78%.

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.