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

ProShare Advisors LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 4.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 246,003 shares of the natural resource company’s stock after selling 11,987 shares during the period. ProShare Advisors LLC’s holdings in Freeport-McMoRan were worth $17,220,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. NBH Bank acquired a new stake in Freeport-McMoRan in the second quarter worth $28,000. Cassaday & Co Wealth Management LLC bought a new stake in Freeport-McMoRan in the 1st quarter valued at about $29,000. Roxbury Financial LLC increased its stake in shares of Freeport-McMoRan by 196.5% in the second quarter. Roxbury Financial LLC now owns 593 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 393 shares during the period. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at approximately $39,000. Finally, Archer Investment Corp acquired a new position in shares of Freeport-McMoRan during the second quarter worth approximately $45,000. 80.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Freedom Broker lowered their target price on Freeport-McMoRan from $75.00 to $68.00 and set a “hold” rating on the stock in a research report on Monday. Bank of America raised their price target on Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Morgan Stanley increased their target price on shares of Freeport-McMoRan from $70.00 to $75.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 7th. JPMorgan Chase & Co. dropped their price target on shares of Freeport-McMoRan from $92.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 28th. Finally, Erste Group Bank initiated coverage on shares of Freeport-McMoRan in a research note on Thursday, August 27th. They set a “buy” rating on the stock. One research 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. Based on data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $75.30.

Freeport-McMoRan Stock Up 0.7%

NYSE FCX opened at $62.88 on Tuesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.02 and a quick ratio of 0.92. The company’s 50 day simple moving average is $71.32 and its 200 day simple moving average is $65.26. Freeport-McMoRan Inc. has a 12 month low of $38.54 and a 12 month high of $80.24. The company has a market capitalization of $90.30 billion, a P/E ratio of 26.42, a PEG ratio of 0.59 and a beta of 1.39.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, October 27th. The natural resource company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.82 by $0.06. The business had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.36 billion. Freeport-McMoRan had a net margin of 13.03% and a return on equity of 12.09%. The business’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.50 earnings per share. Equities research analysts expect that Freeport-McMoRan Inc. will post 3.04 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently announced 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 payout ratio is 12.61%.

Insider Buying and Selling

In other Freeport-McMoRan news, Director Lydia Kennard sold 3,798 shares of the business’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 owned 122,702 shares in the company, valued at approximately $9,706,955.22. The trade was a 3.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Stephen Higgins sold 14,277 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total transaction of $992,251.50. Following the sale, the chief accounting officer directly owned 54,618 shares of the company’s stock, valued at $3,795,951. This represents a 20.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 102,848 shares of company stock worth $7,911,621. Company insiders own 0.73% of the company’s stock.

About Freeport-McMoRan

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.