Freeport-McMoRan Inc. $FCX Stake Boosted by Commonwealth Equity Services LLC

Key Points

• Commonwealth Equity Services increased its Freeport-McMoRan stake by 15.6% in the third quarter, adding 43,544 shares to hold 322,216 shares valued at about $22.6 million. Institutional investors collectively own 80.77% of the company.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $75.30; the article reports one Strong Buy, 20 Buy, and four Hold ratings.
• Freeport-McMoRan beat quarterly earnings and revenue estimates, reporting $0.88 per share and $7.55 billion in revenue. Revenue rose 8.2% year over year.

Commonwealth Equity Services LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 15.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 322,216 shares of the natural resource company's stock after acquiring an additional 43,544 shares during the quarter. Commonwealth Equity Services LLC's holdings in Freeport-McMoRan were worth $22,555,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Fifth Third Bancorp increased its position in shares of Freeport-McMoRan by 34.5% during the first quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company's stock valued at $62,478,000 after acquiring an additional 272,726 shares during the last quarter. Iowa State Bank lifted its holdings in Freeport-McMoRan by 50.7% during the third quarter. Iowa State Bank now owns 50,144 shares of the natural resource company's stock worth $3,510,000 after acquiring an additional 16,868 shares during the period. The Manufacturers Life Insurance Company boosted its position in Freeport-McMoRan by 4.6% in the second quarter. The Manufacturers Life Insurance Company now owns 2,687,524 shares of the natural resource company's stock worth $169,018,000 after purchasing an additional 117,888 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its position in Freeport-McMoRan by 1.4% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 9,970,872 shares of the natural resource company's stock worth $627,068,000 after purchasing an additional 141,738 shares during the last quarter. Finally, HighTower Advisors LLC boosted its position in Freeport-McMoRan by 17.1% in the second quarter. HighTower Advisors LLC now owns 1,249,858 shares of the natural resource company's stock worth $78,604,000 after purchasing an additional 182,714 shares during the last quarter. Institutional investors own 80.77% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on FCX. UBS Group decreased their target price on Freeport-McMoRan from $88.00 to $85.00 and set a "buy" rating for the company in a research report on Wednesday, October 28th. Royal Bank Of Canada lifted their target price on Freeport-McMoRan from $73.00 to $85.00 and gave the stock a "sector perform" rating in a research note on Wednesday, September 16th. Morgan Stanley boosted their price target on shares of Freeport-McMoRan from $70.00 to $75.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 7th. Wall Street Zen downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Finally, Sanford C. Bernstein reduced their price target on shares of Freeport-McMoRan from $50.00 to $47.00 and set a "market perform" rating for the company in a research report on Wednesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $75.30.

Insider Buying and Selling

In other Freeport-McMoRan news, Director Lydia H. Kennard sold 3,798 shares of the firm's stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total value of $300,459.78. Following the completion of the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Douglas N. Currault II sold 80,000 shares of the business's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the transaction, the executive vice president owned 211,016 shares of the company's stock, valued at $16,577,416.96. This trade represents a 27.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.73% of the company's stock.

Freeport-McMoRan Stock Up 5.0%

FCX stock opened at $62.38 on Tuesday. The company has a quick ratio of 0.91, a current ratio of 2.02 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $89.58 billion, a PE ratio of 26.21, a PEG ratio of 0.58 and a beta of 1.38. Freeport-McMoRan Inc. has a twelve month low of $38.85 and a twelve month high of $80.24. The stock has a 50-day simple moving average of $69.56 and a two-hundred day simple moving average of $65.28.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Tuesday, October 27th. The natural resource company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.06. Freeport-McMoRan had a return on equity of 12.09% and a net margin of 13.03%. The firm had revenue of $7.55 billion for the quarter, compared to analysts' expectations of $7.36 billion. During the same period in the prior year, the business posted $0.50 earnings per share. The company's revenue was up 8.2% on a year-over-year basis. On average, equities analysts predict that Freeport-McMoRan Inc. will post 3.02 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 2nd. Investors of record on Thursday, October 15th were issued a dividend of $0.0750 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Thursday, October 15th. Freeport-McMoRan's dividend payout ratio is 12.61%.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Its products serve industries including construction, manufacturing, electronics and energy.

The company operates mines and related facilities in North America, South America and Indonesia. Its assets include the Grasberg minerals district in Indonesia and copper operations in the United States, Peru and Chile.

Freeport-McMoRan traces its roots to Freeport Sulphur Company, founded in 1912, and has since developed into a major international mining business.

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