Fisher Asset Management LLC Has $2.48 Billion Holdings in Freeport-McMoRan Inc. $FCX

Fisher Asset Management LLC increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,258,414 shares of the natural resource company’s stock after buying an additional 899,699 shares during the quarter. Fisher Asset Management LLC owned about 4.41% of Freeport-McMoRan worth $2,480,995,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FCX. Great Lakes Advisors LLC boosted its stake in Freeport-McMoRan by 8.0% during the third quarter. Great Lakes Advisors LLC now owns 1,551,258 shares of the natural resource company’s stock valued at $60,840,000 after buying an additional 115,285 shares during the last quarter. Summit Global Investments increased its position in Freeport-McMoRan by 278.4% in the third quarter. Summit Global Investments now owns 46,157 shares of the natural resource company’s stock worth $1,810,000 after purchasing an additional 33,959 shares during the last quarter. Arrow Capital Pty Ltd raised its stake in Freeport-McMoRan by 88.5% during the second quarter. Arrow Capital Pty Ltd now owns 113,100 shares of the natural resource company’s stock valued at $4,903,000 after purchasing an additional 53,100 shares in the last quarter. Foster Victor Wealth Advisors LLC lifted its position in Freeport-McMoRan by 5.7% during the third quarter. Foster Victor Wealth Advisors LLC now owns 383,488 shares of the natural resource company’s stock valued at $15,213,000 after purchasing an additional 20,586 shares during the last quarter. Finally, Momentum Wealth Planning LLC purchased a new position in shares of Freeport-McMoRan in the 2nd quarter worth $3,459,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on FCX. Freedom Capital raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Saturday, February 21st. BMO Capital Markets raised their target price on shares of Freeport-McMoRan from $55.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 14th. Jefferies Financial Group lifted their price target on shares of Freeport-McMoRan from $68.00 to $76.00 and gave the company a “buy” rating in a research note on Tuesday, February 17th. UBS Group raised their price objective on Freeport-McMoRan from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. Finally, Wells Fargo & Company increased their price target on Freeport-McMoRan from $55.00 to $64.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 13th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $62.59.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, Chairman Richard C. Adkerson sold 248,031 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $62.80, for a total transaction of $15,576,346.80. Following the sale, the chairman owned 3,509,119 shares of the company’s stock, valued at approximately $220,372,673.20. The trade was a 6.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Maree E. Robertson sold 48,500 shares of the firm’s stock in a transaction on Friday, February 13th. The stock was sold at an average price of $61.55, for a total value of $2,985,175.00. Following the completion of the transaction, the chief financial officer owned 79,894 shares of the company’s stock, valued at $4,917,475.70. This trade represents a 37.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 603,140 shares of company stock worth $37,660,139 over the last ninety days. Corporate insiders own 0.79% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $68.03 on Monday. The company has a market capitalization of $97.77 billion, a PE ratio of 45.05, a P/E/G ratio of 0.79 and a beta of 1.41. The company has a 50-day simple moving average of $59.55 and a two-hundred day simple moving average of $48.60. 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 quick ratio of 1.05 and a current ratio of 2.29.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.28 by $0.19. The firm had revenue of $5.63 billion during the quarter, compared to analyst estimates of $5.42 billion. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. Freeport-McMoRan’s revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.31 EPS. Research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Thursday, January 15th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.4%. The ex-dividend date was Thursday, January 15th. Freeport-McMoRan’s payout ratio is 19.87%.

Freeport-McMoRan 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.