MBB Public Markets I LLC Trims Stake in Freeport-McMoRan Inc. $FCX

MBB Public Markets I LLC trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX) by 58.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 221,678 shares of the natural resource company’s stock after selling 308,300 shares during the quarter. Freeport-McMoRan accounts for 1.2% of MBB Public Markets I LLC’s holdings, making the stock its 13th largest holding. MBB Public Markets I LLC’s holdings in Freeport-McMoRan were worth $8,694,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in FCX. Steigerwald Gordon & Koch Inc. purchased a new position in shares of Freeport-McMoRan during the third quarter valued at $25,000. Twin Peaks Wealth Advisors LLC bought a new position in Freeport-McMoRan during the 2nd quarter worth about $28,000. Salomon & Ludwin LLC increased its position in Freeport-McMoRan by 1,962.9% during the 3rd quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 687 shares during the period. JPL Wealth Management LLC purchased a new position in Freeport-McMoRan during the 3rd quarter valued at about $33,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at about $36,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $57.89 on Tuesday. The company has a current ratio of 2.29, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29. The firm has a market cap of $83.20 billion, a PE ratio of 38.34, a P/E/G ratio of 0.66 and a beta of 1.41. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $69.75. The stock has a fifty day moving average price of $61.73 and a 200-day moving average price of $50.08.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $5.42 billion. During the same quarter last year, the company earned $0.31 earnings per share. The company’s quarterly revenue was down 1.5% on a year-over-year basis. Equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

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

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. BNP Paribas Exane increased their price objective on shares of Freeport-McMoRan from $56.00 to $75.00 and gave the company an “outperform” rating in a research note on Thursday, February 12th. BMO Capital Markets increased their target price on Freeport-McMoRan from $55.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, January 14th. Scotiabank boosted their price target on Freeport-McMoRan from $70.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, February 19th. CICC Research raised their price objective on Freeport-McMoRan from $50.40 to $64.40 and gave the company an “outperform” rating in a research report on Monday, January 26th. Finally, HSBC lifted their target price on Freeport-McMoRan from $48.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $62.59.

Insider Buying and Selling

In other Freeport-McMoRan news, CFO Maree E. Robertson sold 48,500 shares of the business’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $61.55, for a total transaction of $2,985,175.00. Following the sale, the chief financial officer owned 79,894 shares of the company’s stock, valued at approximately $4,917,475.70. The trade was a 37.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Douglas N. Currault II sold 75,000 shares of the business’s stock in a transaction that occurred 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 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 SEC filing for this sale provides additional information. Insiders sold 565,145 shares of company stock worth $35,839,918 over the last ninety days. Company insiders own 0.79% of the company’s stock.

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.