Freeport-McMoRan Inc. $FCX Shares Sold by OMERS ADMINISTRATION Corp

Key Points

• OMERS Administration reduced its Freeport-McMoRan stake by 21.9% in the second quarter, selling 217,282 shares and retaining 775,711 shares valued at approximately $48.8 million. Institutional investors and hedge funds collectively own 80.77% of FCX.
• Analysts remain broadly positive, with FCX carrying a “Moderate Buy” consensus rating and an average price target of $70.27, despite several firms recently raising their targets.
• Freeport-McMoRan exceeded quarterly expectations, reporting $0.74 in earnings per share and $7.03 billion in revenue, while maintaining a quarterly dividend of $0.075 per share.

OMERS ADMINISTRATION Corp lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 21.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 775,711 shares of the natural resource company's stock after selling 217,282 shares during the period. OMERS ADMINISTRATION Corp owned approximately 0.05% of Freeport-McMoRan worth $48,784,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FCX. Pinnacle Bancorp Inc. grew its holdings in shares of Freeport-McMoRan by 7.9% during the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company's stock worth $118,000 after purchasing an additional 147 shares during the period. Steph & Co. raised its holdings in Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company's stock valued at $29,000 after buying an additional 150 shares during the period. Richardson Financial Services Inc. raised its holdings in Freeport-McMoRan by 11.6% in the second quarter. Richardson Financial Services Inc. now owns 1,539 shares of the natural resource company's stock valued at $97,000 after buying an additional 160 shares during the period. Essex Bank lifted its position in Freeport-McMoRan by 1.2% during the first quarter. Essex Bank now owns 14,104 shares of the natural resource company's stock valued at $829,000 after buying an additional 163 shares in the last quarter. Finally, Fiduciary Financial Group LLC lifted its position in Freeport-McMoRan by 2.6% during the second quarter. Fiduciary Financial Group LLC now owns 6,788 shares of the natural resource company's stock valued at $427,000 after buying an additional 173 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, CAO Stephen T. Higgins sold 14,277 shares of Freeport-McMoRan stock in a transaction dated Wednesday, August 5th. The stock was 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 approximately $3,795,951. The trade was a 20.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Ellie L. Mikes sold 4,773 shares of the business's stock in a transaction dated Wednesday, August 5th. The stock was 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 approximately $2,520,000. This trade represents a 11.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 26,600 shares of company stock valued at $1,802,012. 0.73% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FCX. Stifel Nicolaus increased their price objective on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a "buy" rating in a research report on Tuesday, July 21st. Barclays upped their price target on shares of Freeport-McMoRan from $80.00 to $82.00 and gave the stock an "overweight" rating in a research report on Monday, July 27th. Scotiabank increased their price target on Freeport-McMoRan from $67.00 to $77.00 and gave the company a "sector outperform" rating in a report on Monday, June 15th. Wells Fargo & Company raised their price objective on Freeport-McMoRan from $68.00 to $70.00 and gave the company an "overweight" rating in a research report on Friday, July 24th. Finally, Sanford C. Bernstein boosted their price objective on Freeport-McMoRan from $53.50 to $58.50 and gave the stock a "market perform" rating in a research note on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $70.27.

Freeport-McMoRan Trading Up 0.0%

FCX opened at $76.68 on Monday. The firm's 50 day moving average is $64.55 and its 200-day moving average is $63.44. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $77.33. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $110.11 billion, a P/E ratio of 37.77, a P/E/G ratio of 0.76 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.12. The business had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business's quarterly revenue was down 7.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.54 earnings per share. Analysts expect that Freeport-McMoRan Inc. will post 2.79 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

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.

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