OMERS ADMINISTRATION Corp Sells 8,652 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• OMERS ADMINISTRATION Corp reduced its shareholding in Freeport-McMoRan Inc. by 14.4%, selling 8,652 shares and ending up with 51,308 shares valued at approximately $1.94 million.
• Several large investors, including Nuveen LLC and Price T Rowe Associates Inc., have significantly increased their stakes in Freeport-McMoRan, which now has 80.77% of its stock owned by institutional investors.
• Wall Street analysts have mixed opinions on Freeport-McMoRan, with price targets ranging from $48.00 to $54.00, and a consensus rating of "Moderate Buy."

OMERS ADMINISTRATION Corp lessened its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 14.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,308 shares of the natural resource company's stock after selling 8,652 shares during the period. OMERS ADMINISTRATION Corp's holdings in Freeport-McMoRan were worth $1,943,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Transamerica Financial Advisors LLC increased its holdings in Freeport-McMoRan by 667.0% in the 1st quarter. Transamerica Financial Advisors LLC now owns 1,764 shares of the natural resource company's stock worth $67,000 after purchasing an additional 1,534 shares in the last quarter. Guggenheim Capital LLC increased its holdings in Freeport-McMoRan by 5.8% in the 1st quarter. Guggenheim Capital LLC now owns 285,175 shares of the natural resource company's stock worth $10,797,000 after purchasing an additional 15,693 shares in the last quarter. Ieq Capital LLC increased its holdings in Freeport-McMoRan by 92.4% in the 1st quarter. Ieq Capital LLC now owns 147,292 shares of the natural resource company's stock worth $5,576,000 after purchasing an additional 70,754 shares in the last quarter. Gabelli Funds LLC grew its position in shares of Freeport-McMoRan by 3.5% in the 1st quarter. Gabelli Funds LLC now owns 1,275,216 shares of the natural resource company's stock valued at $48,280,000 after buying an additional 43,708 shares during the last quarter. Finally, Ceredex Value Advisors LLC bought a new stake in shares of Freeport-McMoRan in the 1st quarter valued at about $26,226,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FCX. Scotiabank upped their price target on Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a research report on Wednesday, July 9th. Stifel Nicolaus began coverage on Freeport-McMoRan in a research report on Wednesday, July 9th. They issued a "buy" rating and a $56.00 price target on the stock. JPMorgan Chase & Co. upped their price target on Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Wall Street Zen upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, Citigroup upped their price target on Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of "Moderate Buy" and a consensus target price of $51.00.

Freeport-McMoRan Stock Up 2.7%

NYSE:FCX traded up $1.23 on Wednesday, hitting $46.17. The stock had a trading volume of 12,042,891 shares, compared to its average volume of 15,492,161. The business's fifty day moving average is $43.47 and its 200 day moving average is $39.72. The company has a market cap of $66.28 billion, a PE ratio of 34.97, a P/E/G ratio of 0.84 and a beta of 1.59. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results 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 for the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company's quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.46 earnings per share. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th were issued a $0.15 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.3%. Freeport-McMoRan's dividend payout ratio is presently 22.73%.

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.