Capital Group Investment Management PTE. LTD. Sells 20,581 Shares of Freeport-McMoRan Inc. $FCX

Capital Group Investment Management PTE. LTD. decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 34.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,001 shares of the natural resource company’s stock after selling 20,581 shares during the quarter. Capital Group Investment Management PTE. LTD.’s holdings in Freeport-McMoRan were worth $1,569,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. Steigerwald Gordon & Koch Inc. bought a new stake in Freeport-McMoRan in the third quarter valued at approximately $25,000. Twin Peaks Wealth Advisors LLC bought a new position in shares of Freeport-McMoRan during the second quarter worth $28,000. Salomon & Ludwin LLC boosted its position in shares of Freeport-McMoRan by 1,962.9% during the third quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 687 shares in the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Freeport-McMoRan in the 3rd quarter valued at $36,000. Finally, Proffitt & Goodson Inc. increased its position in shares of Freeport-McMoRan by 39.8% in the 3rd quarter. Proffitt & Goodson Inc. now owns 977 shares of the natural resource company’s stock valued at $38,000 after buying an additional 278 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on FCX. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Thursday, January 22nd. Bank of America increased their price target on Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. BMO Capital Markets raised their price target on Freeport-McMoRan from $55.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 14th. BNP Paribas Exane lifted their price objective on Freeport-McMoRan from $56.00 to $75.00 and gave the company an “outperform” rating in a report on Thursday, February 12th. Finally, Morgan Stanley set a $70.00 price objective on Freeport-McMoRan in a research report on Tuesday, January 27th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $62.59.

Insider Transactions at Freeport-McMoRan

In other news, Chairman Richard C. Adkerson sold 152,960 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $64.65, for a total value of $9,888,864.00. Following the sale, the chairman directly owned 3,356,159 shares in the company, valued at $216,975,679.35. This trade represents a 4.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Douglas N. Currault II sold 75,000 shares of the business’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $64.52, for a total transaction of $4,839,000.00. Following the completion of the sale, the executive vice president directly owned 219,181 shares in the company, valued at approximately $14,141,558.12. This represents a 25.49% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 603,140 shares of company stock worth $37,660,139. Corporate insiders own 0.79% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $60.42 on Tuesday. The company has a fifty day moving average price of $60.98 and a 200 day moving average price of $49.53. The firm has a market cap of $86.84 billion, a PE ratio of 40.01, a PEG ratio of 0.70 and a beta of 1.41. The company has a current ratio of 2.29, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $69.75.

Freeport-McMoRan (NYSE:FCX) last released 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 for the quarter, compared to the consensus estimate of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The company’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same quarter last year, the business posted $0.31 EPS. Research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Thursday, January 15th were paid a $0.075 dividend. The ex-dividend date was Thursday, January 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s payout ratio is presently 19.87%.

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.