Raiffeisen Bank International AG Lowers Stake in Freeport-McMoRan Inc. $FCX

Key Points

• Raiffeisen Bank International AG reduced its Freeport-McMoRan stake by 46.7% in the second quarter, selling 18,995 shares and retaining 21,674 shares valued at approximately $1.34 million. Other institutional investors increased their positions, with institutions owning 80.77% of FCX.
• Freeport-McMoRan reported quarterly earnings of $0.74 per share, beating the $0.62 consensus estimate, while revenue reached $7.03 billion versus expectations of $6.62 billion. However, revenue declined 7.3% year over year.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and several firms raising price targets. FCX shares opened at $72.66, and the company recently paid a quarterly dividend of $0.075 per share.

Raiffeisen Bank International AG cut its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 46.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,674 shares of the natural resource company's stock after selling 18,995 shares during the quarter. Raiffeisen Bank International AG's holdings in Freeport-McMoRan were worth $1,336,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. TD Waterhouse Canada Inc. increased its position in shares of Freeport-McMoRan by 22.7% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 887,663 shares of the natural resource company's stock worth $53,783,000 after purchasing an additional 164,297 shares during the last quarter. Premier Path Wealth Partners LLC raised its position in Freeport-McMoRan by 11.1% during the second quarter. Premier Path Wealth Partners LLC now owns 10,850 shares of the natural resource company's stock valued at $682,000 after buying an additional 1,084 shares during the period. Concurrent Investment Advisors LLC lifted its position in shares of Freeport-McMoRan by 27.5% in the second quarter. Concurrent Investment Advisors LLC now owns 232,698 shares of the natural resource company's stock worth $14,634,000 after purchasing an additional 50,125 shares in the last quarter. NEOS Investment Management LLC lifted its position in Freeport-McMoRan by 13.5% in the 2nd quarter. NEOS Investment Management LLC now owns 233,938 shares of the natural resource company's stock worth $14,712,000 after buying an additional 27,763 shares in the last quarter. Finally, AXQ Capital LP purchased a new stake in shares of Freeport-McMoRan during the second quarter worth $5,338,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Up 0.1%

Shares of FCX opened at $72.66 on Friday. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $80.24. The firm has a market capitalization of $104.34 billion, a P/E ratio of 35.79, a P/E/G ratio of 0.71 and a beta of 1.41. The company has a 50-day simple moving average of $66.40 and a 200-day simple moving average of $64.37. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The firm had revenue of $7.03 billion for the quarter, compared to analysts' expectations of $6.62 billion. During the same period in the prior year, the firm earned $0.54 earnings per share. The company's quarterly revenue was down 7.3% compared to the same quarter last year. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 2.81 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were given a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Freeport-McMoRan's dividend payout ratio (DPR) is 14.78%.

Insider Buying and Selling at Freeport-McMoRan

In related news, EVP Douglas N. Currault II sold 80,000 shares of Freeport-McMoRan stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total value of $6,284,800.00. Following the sale, the executive vice president owned 211,016 shares of the company's stock, valued at approximately $16,577,416.96. The trade was a 27.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Ellie L. Mikes sold 4,773 shares of the company's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the sale, the chief accounting officer owned 36,000 shares in the company, valued at $2,520,000. The trade was a 11.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 110,398 shares of company stock valued at $8,387,271 over the last quarter. 0.73% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have commented on the company. Barclays boosted their target price on Freeport-McMoRan from $80.00 to $82.00 and gave the company an "overweight" rating in a research note on Monday, July 27th. Jefferies Financial Group lifted their price target on Freeport-McMoRan from $75.00 to $85.00 and gave the company a "buy" rating in a report on Monday, June 8th. UBS Group lifted their price target on Freeport-McMoRan from $75.00 to $77.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. Royal Bank Of Canada increased their price objective on Freeport-McMoRan from $70.00 to $73.00 and gave the stock a "sector perform" rating in a report on Friday, July 24th. Finally, Stifel Nicolaus raised their price objective on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the company a "buy" rating in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $70.27.

Freeport-McMoRan Company Profile

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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