Bank of Montreal Can Sells 547,390 Shares of Freeport-McMoRan Inc (NYSE:FCX)

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Bank of Montreal Can cut its position in shares of Freeport-McMoRan Inc (NYSE:FCX) by 16.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,722,779 shares of the natural resource company’s stock after selling 547,390 shares during the quarter. Bank of Montreal Can owned about 0.19% of Freeport-McMoRan worth $37,902,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fisher Asset Management LLC raised its stake in shares of Freeport-McMoRan by 33,318.4% in the second quarter. Fisher Asset Management LLC now owns 14,476,496 shares of the natural resource company’s stock worth $249,864,000 after purchasing an additional 14,433,177 shares during the last quarter. Iridian Asset Management LLC CT purchased a new stake in Freeport-McMoRan during the second quarter valued at $190,933,000. Bank of New York Mellon Corp increased its position in Freeport-McMoRan by 28.5% during the second quarter. Bank of New York Mellon Corp now owns 27,267,197 shares of the natural resource company’s stock valued at $470,631,000 after acquiring an additional 6,041,164 shares during the last quarter. Janus Henderson Group PLC increased its position in Freeport-McMoRan by 199.8% during the second quarter. Janus Henderson Group PLC now owns 3,392,200 shares of the natural resource company’s stock valued at $58,557,000 after acquiring an additional 2,260,711 shares during the last quarter. Finally, Chevy Chase Trust Holdings Inc. purchased a new stake in Freeport-McMoRan during the second quarter valued at $38,193,000. Institutional investors own 73.10% of the company’s stock.

Shares of NYSE FCX traded down $0.58 during midday trading on Friday, hitting $11.35. The company’s stock had a trading volume of 21,437,925 shares, compared to its average volume of 22,813,720. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.78 and a current ratio of 2.84. Freeport-McMoRan Inc has a 12-month low of $10.59 and a 12-month high of $20.25. The company has a market cap of $17.87 billion, a price-to-earnings ratio of 9.70 and a beta of 2.40.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.02. Freeport-McMoRan had a return on equity of 22.63% and a net margin of 15.80%. The firm had revenue of $4.91 billion for the quarter, compared to the consensus estimate of $4.50 billion. During the same period in the prior year, the business posted $0.34 earnings per share. The company’s revenue for the quarter was up 13.9% on a year-over-year basis. Sell-side analysts predict that Freeport-McMoRan Inc will post 1.71 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Monday, October 15th were issued a $0.05 dividend. The ex-dividend date was Friday, October 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.76%. Freeport-McMoRan’s payout ratio is 17.09%.

FCX has been the subject of a number of research reports. B. Riley reduced their price objective on Freeport-McMoRan from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, September 19th. Jefferies Financial Group restated a “buy” rating and issued a $24.00 price target on shares of Freeport-McMoRan in a research report on Thursday, July 26th. Deutsche Bank upgraded Freeport-McMoRan from a “sell” rating to a “hold” rating in a research report on Thursday, July 26th. Raymond James set a $16.00 price target on Freeport-McMoRan and gave the stock a “hold” rating in a research report on Wednesday, October 24th. Finally, BMO Capital Markets set a $13.00 price target on Freeport-McMoRan and gave the stock a “hold” rating in a research report on Thursday, October 25th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company’s stock. Freeport-McMoRan presently has an average rating of “Hold” and a consensus price target of $16.67.

In other news, Director Courtney Mather sold 75,000 shares of the stock in a transaction that occurred on Tuesday, October 30th. The stock was sold at an average price of $11.15, for a total value of $836,250.00. Following the sale, the director now directly owns 152,133 shares in the company, valued at $1,696,282.95. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 1.05% of the company’s stock.

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About Freeport-McMoRan

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

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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