Mizuho Markets Cayman LP Has $137.68 Million Stake in Freeport-McMoRan Inc. $FCX

Key Points

• Mizuho Markets Cayman LP trimmed its position in Freeport-McMoRan by 4.4% to 3,510,491 shares, worth about $137.68 million, making FCX roughly 6.9% of Mizuho’s portfolio and about 0.24% of the company.
• Other institutions increased exposure—Vanguard, Fisher, and State Street added shares while Wellington Management jumped its stake by 190.9% (+23,950,557 shares)—leaving institutional investors with 80.77% ownership of FCX.
• Freeport beat quarterly EPS estimates ($0.47 vs. $0.28) on $5.63B revenue and holds a consensus analyst rating of "Moderate Buy" with a $62.59 target, even as insiders sold ~565,145 shares over the past 90 days.

Mizuho Markets Cayman LP decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 4.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,510,491 shares of the natural resource company's stock after selling 160,728 shares during the period. Freeport-McMoRan makes up about 6.9% of Mizuho Markets Cayman LP's portfolio, making the stock its 5th biggest position. Mizuho Markets Cayman LP owned about 0.24% of Freeport-McMoRan worth $137,681,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. grew its position in Freeport-McMoRan by 1.4% in the third quarter. Vanguard Group Inc. now owns 128,760,188 shares of the natural resource company's stock valued at $5,049,975,000 after acquiring an additional 1,776,241 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Freeport-McMoRan by 1.4% in the third quarter. Fisher Asset Management LLC now owns 63,258,414 shares of the natural resource company's stock worth $2,480,995,000 after acquiring an additional 899,699 shares during the last quarter. State Street Corp boosted its stake in shares of Freeport-McMoRan by 1.1% in the 3rd quarter. State Street Corp now owns 62,477,910 shares of the natural resource company's stock valued at $2,450,384,000 after purchasing an additional 690,736 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Freeport-McMoRan by 190.9% during the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company's stock valued at $1,431,326,000 after purchasing an additional 23,950,557 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Freeport-McMoRan by 2.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 21,671,223 shares of the natural resource company's stock worth $849,945,000 after purchasing an additional 435,963 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Stock Up 0.2%

NYSE:FCX opened at $58.02 on Wednesday. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $69.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.29 and a quick ratio of 1.05. The company has a market cap of $83.39 billion, a PE ratio of 38.42, a P/E/G ratio of 0.68 and a beta of 1.41. The firm's 50 day simple moving average is $61.77 and its 200 day simple moving average is $50.17.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.19. The firm had revenue of $5.63 billion during the quarter, compared to analysts' expectations of $5.42 billion. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The company's revenue was down 1.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.31 EPS. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on FCX shares. Stifel Nicolaus increased their price objective on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the company a "buy" rating in a research note on Wednesday, February 11th. BMO Capital Markets boosted their target price on shares of Freeport-McMoRan from $55.00 to $68.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 14th. Bank of America upped their price target on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. Freedom Capital raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Saturday, February 21st. Finally, Clarkson Capital upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $46.00 price objective on the stock in a research report on Wednesday, November 19th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $62.59.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 29,654 shares of Freeport-McMoRan stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $63.00, for a total transaction of $1,868,202.00. Following the transaction, the chief accounting officer directly owned 76,445 shares of the company's stock, valued at approximately $4,816,035. The trade was a 27.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Douglas N. Currault II sold 75,000 shares of the company's stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $64.52, for a total value of $4,839,000.00. Following the completion of the sale, the executive vice president owned 219,181 shares in the company, valued at $14,141,558.12. This trade represents a 25.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 565,145 shares of company stock valued at $35,839,918 over the last ninety days. 0.79% of the stock is currently owned by corporate insiders.

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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