Gulf International Bank UK Ltd Sells 29,880 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Key Points

• Gulf International Bank UK Ltd reduced its stake in Freeport-McMoRan Inc. by 26.6%, now owning 82,289 shares valued at approximately $3.1 million.
• Several other institutional investors have recently adjusted their positions, with 80.77% of Freeport-McMoRan's stock owned by hedge funds and institutional investors.
• Wall Street analysts have mixed ratings on Freeport-McMoRan, with an average target price of $51.00 and a consensus rating of "Moderate Buy."

Gulf International Bank UK Ltd cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 26.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 82,289 shares of the natural resource company's stock after selling 29,880 shares during the quarter. Gulf International Bank UK Ltd's holdings in Freeport-McMoRan were worth $3,115,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Freeport-McMoRan by 1.5% during the first quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company's stock valued at $4,734,101,000 after acquiring an additional 1,822,987 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Freeport-McMoRan by 21.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock valued at $1,214,203,000 after purchasing an additional 5,735,171 shares in the last quarter. Capital World Investors grew its position in shares of Freeport-McMoRan by 3.2% during the fourth quarter. Capital World Investors now owns 24,055,524 shares of the natural resource company's stock valued at $916,037,000 after purchasing an additional 750,500 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Freeport-McMoRan by 13.7% during the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock valued at $830,726,000 after purchasing an additional 2,642,810 shares in the last quarter. Finally, Northern Trust Corp grew its position in shares of Freeport-McMoRan by 8.8% during the fourth quarter. Northern Trust Corp now owns 16,441,112 shares of the natural resource company's stock valued at $626,078,000 after purchasing an additional 1,335,181 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Trading Up 0.0%

FCX traded up $0.01 on Friday, hitting $42.29. The company had a trading volume of 8,883,387 shares, compared to its average volume of 17,283,754. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The company has a market cap of $60.72 billion, a PE ratio of 32.04, a PEG ratio of 0.80 and a beta of 1.63. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The business's fifty day simple moving average is $43.01 and its 200 day simple moving average is $39.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.09. The business had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm's quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.46 earnings per share. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.4%. Freeport-McMoRan's payout ratio is currently 22.73%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Raymond James Financial restated an "outperform" rating and set a $52.00 price objective on shares of Freeport-McMoRan in a research report on Friday, April 25th. BMO Capital Markets cut their price objective on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Wall Street Zen upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Royal Bank Of Canada raised their price objective on Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Finally, Stifel Canada upgraded Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. Eight equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Freeport-McMoRan has an average rating of "Moderate Buy" and a consensus target price of $51.00.

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the sale, the chief accounting officer owned 48,333 shares of the company's stock, valued at $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.75% of the stock is currently owned by insiders.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.