Mackenzie Financial Corp Has $45.78 Million Stock Holdings in Freeport-McMoRan Inc. $FCX

Mackenzie Financial Corp boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 86.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,167,214 shares of the natural resource company’s stock after purchasing an additional 541,742 shares during the quarter. Mackenzie Financial Corp’s holdings in Freeport-McMoRan were worth $45,778,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Magnetar Financial LLC increased its holdings in shares of Freeport-McMoRan by 311.5% in the third quarter. Magnetar Financial LLC now owns 43,367 shares of the natural resource company’s stock worth $1,701,000 after acquiring an additional 32,828 shares in the last quarter. BW Gestao de Investimentos Ltda. lifted its holdings in shares of Freeport-McMoRan by 215.8% during the 3rd quarter. BW Gestao de Investimentos Ltda. now owns 120,000 shares of the natural resource company’s stock valued at $4,706,000 after purchasing an additional 82,000 shares in the last quarter. Capital International Investors grew its position in shares of Freeport-McMoRan by 19.5% in the 3rd quarter. Capital International Investors now owns 11,548,801 shares of the natural resource company’s stock valued at $452,222,000 after purchasing an additional 1,885,916 shares during the period. Legal & General Group Plc increased its stake in Freeport-McMoRan by 3.2% during the 3rd quarter. Legal & General Group Plc now owns 7,702,237 shares of the natural resource company’s stock worth $302,082,000 after purchasing an additional 240,687 shares in the last quarter. Finally, Banque Cantonale Vaudoise raised its holdings in Freeport-McMoRan by 570.1% during the 3rd quarter. Banque Cantonale Vaudoise now owns 13,984 shares of the natural resource company’s stock worth $548,000 after buying an additional 11,897 shares during the period. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on FCX. BMO Capital Markets upped their target price on shares of Freeport-McMoRan from $55.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 14th. Bank of America upped their price objective on Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. HSBC lifted their target price on Freeport-McMoRan from $48.00 to $69.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. CICC Research upped their price target on Freeport-McMoRan from $50.40 to $64.40 and gave the stock an “outperform” rating in a research report on Monday, January 26th. Finally, Morgan Stanley set a $70.00 price target on shares of Freeport-McMoRan in a research note 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 assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $62.59.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $59.15 on Friday. The firm has a 50-day moving average price of $61.58 and a two-hundred day moving average price of $49.81. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $69.75. The company has a market capitalization of $85.02 billion, a P/E ratio of 39.18, a P/E/G ratio of 0.72 and a beta of 1.41. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.19. The company had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin 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 firm earned $0.31 EPS. Analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

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

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 11,000 shares of the firm’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total transaction of $682,330.00. Following the transaction, the chief accounting officer directly owned 40,773 shares in the company, valued at approximately $2,529,149.19. This trade represents a 21.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Stephen T. Higgins sold 29,654 shares of Freeport-McMoRan stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $63.00, for a total transaction of $1,868,202.00. Following the transaction, the chief accounting officer directly owned 76,445 shares in the company, valued at approximately $4,816,035. This represents a 27.95% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 565,145 shares of company stock valued at $35,839,918. 0.75% of the stock is owned by insiders.

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.