Korea Investment CORP Sells 244,259 Shares of Freeport-McMoRan Inc. $FCX

Key Points

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Korea Investment CORP reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 18.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,105,972 shares of the natural resource company's stock after selling 244,259 shares during the quarter. Korea Investment CORP owned about 0.08% of Freeport-McMoRan worth $41,872,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC lifted its stake in Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock worth $564,000 after purchasing an additional 2,882 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its stake in Freeport-McMoRan by 27.2% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company's stock worth $20,565,000 after purchasing an additional 115,552 shares in the last quarter. XTX Topco Ltd purchased a new stake in Freeport-McMoRan in the 4th quarter worth approximately $466,000. Forum Financial Management LP lifted its stake in Freeport-McMoRan by 3.0% in the 4th quarter. Forum Financial Management LP now owns 13,909 shares of the natural resource company's stock worth $530,000 after purchasing an additional 405 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S lifted its stake in Freeport-McMoRan by 13.2% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 128,787 shares of the natural resource company's stock worth $4,904,000 after purchasing an additional 15,000 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock traded up $1.52 on Friday, hitting $43.24. 10,819,626 shares of the company traded hands, compared to its average volume of 15,287,120. The firm's 50-day simple moving average is $43.04 and its 200 day simple moving average is $39.42. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The company has a market cap of $62.08 billion, a P/E ratio of 32.76, a P/E/G ratio of 0.79 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.

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

Freeport-McMoRan Announces Dividend

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

Insider Activity at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the transaction, the chief accounting officer owned 48,333 shares of the company's stock, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.75% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on FCX. Morgan Stanley cut shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and increased their target price for the stock from $45.00 to $54.00 in a research note on Tuesday, July 15th. Stifel Canada upgraded shares of Freeport-McMoRan to a "strong-buy" rating in a research note on Tuesday, July 8th. Bank of America reiterated a "neutral" rating and issued a $56.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. UBS Group cut shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and raised their price objective for the company from $45.00 to $50.00 in a research report on Friday, July 11th. Finally, Citigroup raised their price objective on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $51.00.

Freeport-McMoRan 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.