Signature Estate & Investment Advisors LLC Sells 203,212 Shares of Freeport-McMoRan Inc. $FCX

Signature Estate & Investment Advisors LLC lowered its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 96.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,908 shares of the natural resource company’s stock after selling 203,212 shares during the quarter. Signature Estate & Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $271,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in shares of Freeport-McMoRan by 89.4% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 17,569,169 shares of the natural resource company’s stock valued at $761,623,000 after purchasing an additional 8,292,873 shares in the last quarter. Mizuho Markets Cayman LP bought a new position in shares of Freeport-McMoRan during the second quarter worth about $159,147,000. Crake Asset Management LLP raised its position in Freeport-McMoRan by 60.6% in the 2nd quarter. Crake Asset Management LLP now owns 9,522,673 shares of the natural resource company’s stock valued at $412,808,000 after buying an additional 3,593,050 shares during the last quarter. Voya Investment Management LLC lifted its stake in Freeport-McMoRan by 289.0% in the 3rd quarter. Voya Investment Management LLC now owns 3,844,504 shares of the natural resource company’s stock valued at $150,781,000 after acquiring an additional 2,856,302 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in Freeport-McMoRan by 205.0% during the 2nd quarter. AQR Capital Management LLC now owns 4,186,621 shares of the natural resource company’s stock worth $181,490,000 after acquiring an additional 2,813,845 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of recent research reports. Morgan Stanley set a $70.00 price objective on shares of Freeport-McMoRan in a report on Tuesday, January 27th. Clarkson Capital raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 target price for the company in a research report on Wednesday, November 19th. JPMorgan Chase & Co. boosted their price target on shares of Freeport-McMoRan from $58.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, January 8th. BNP Paribas Exane decreased their price objective on Freeport-McMoRan from $58.00 to $56.00 and set an “outperform” rating for the company in a report on Friday, December 5th. Finally, Wells Fargo & Company lifted their target price on Freeport-McMoRan from $55.00 to $64.00 and gave the company an “overweight” rating in a research report on Tuesday, January 13th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $58.40.

Insider Transactions at Freeport-McMoRan

In related news, CAO Stephen T. Higgins sold 28,423 shares of the company’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $47.99, for a total value of $1,364,019.77. Following the transaction, the chief accounting officer owned 105,294 shares in the company, valued at approximately $5,053,059.06. This represents a 21.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Ellie L. Mikes sold 9,572 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $47.66, for a total transaction of $456,201.52. Following the sale, the chief accounting officer owned 38,761 shares of the company’s stock, valued at $1,847,349.26. This trade represents a 19.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.79% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Trading Down 0.6%

Freeport-McMoRan stock opened at $63.26 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29. The stock has a market capitalization of $90.84 billion, a P/E ratio of 41.89, a PEG ratio of 0.74 and a beta of 1.47. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $69.44. The stock has a 50-day simple moving average of $54.83 and a 200 day simple moving average of $46.45.

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

Freeport-McMoRan Cuts Dividend

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

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.