Healthcare of Ontario Pension Plan Trust Fund Sells 1,289,824 Shares of Freeport-McMoRan Inc. $FCX

Healthcare of Ontario Pension Plan Trust Fund cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 70.6% in the 4th quarter, Holdings Channel.com reports. The fund owned 536,765 shares of the natural resource company’s stock after selling 1,289,824 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Freeport-McMoRan were worth $27,262,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of FCX. Brighton Jones LLC boosted its position in Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after purchasing an additional 2,882 shares during the last quarter. Bison Wealth LLC boosted its position in Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in Freeport-McMoRan in the second quarter worth about $560,000. Brown Advisory Inc. boosted its position in Freeport-McMoRan by 27.0% in the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock worth $539,000 after purchasing an additional 2,648 shares during the last quarter. Finally, Jump Financial LLC boosted its position in Freeport-McMoRan by 42.7% in the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after purchasing an additional 14,992 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on FCX shares. Citigroup dropped their target price on Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a research report on Friday, May 1st. Morgan Stanley reissued an “equal weight” rating and issued a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. Sanford C. Bernstein raised their target price on Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research report on Wednesday, June 10th. BNP Paribas Exane dropped their target price on Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 28th. Finally, Weiss Ratings raised Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $67.31.

Freeport-McMoRan Stock Up 2.3%

Shares of FCX opened at $69.99 on Tuesday. The business’s 50 day moving average is $64.41 and its 200 day moving average is $59.38. The company has a market capitalization of $100.62 billion, a PE ratio of 37.23, a price-to-earnings-growth ratio of 0.82 and a beta of 1.35. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.09. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.10. The company had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the company earned $0.24 EPS. Research analysts expect that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 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 of this dividend was Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 15.96%.

About Freeport-McMoRan

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.