Zurcher Kantonalbank Zurich Cantonalbank Trims Holdings in Freeport-McMoRan Inc. $FCX

Zurcher Kantonalbank Zurich Cantonalbank cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 39.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 464,272 shares of the natural resource company’s stock after selling 308,485 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Freeport-McMoRan were worth $23,580,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FCX. Wellington Management Group LLP grew its position in shares of Freeport-McMoRan by 190.9% in the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after buying an additional 23,950,557 shares during the period. AQR Capital Management LLC boosted its stake in Freeport-McMoRan by 205.0% in 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 purchasing an additional 2,813,845 shares in the last quarter. Amundi boosted its stake in Freeport-McMoRan by 43.7% in the 3rd quarter. Amundi now owns 7,018,624 shares of the natural resource company’s stock worth $282,991,000 after purchasing an additional 2,132,708 shares in the last quarter. Kirkoswald Asset Management LLC bought a new position in Freeport-McMoRan in the 3rd quarter worth about $82,754,200,000. Finally, Schroder Investment Management Group boosted its stake in Freeport-McMoRan by 87.6% in the 3rd quarter. Schroder Investment Management Group now owns 4,115,008 shares of the natural resource company’s stock worth $152,749,000 after purchasing an additional 1,921,792 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Freeport-McMoRan

In other news, Chairman Richard C. Adkerson sold 248,031 shares of the stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $62.80, for a total value of $15,576,346.80. Following the transaction, the chairman owned 3,509,119 shares in the company, valued at $220,372,673.20. This represents a 6.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Maree E. Robertson sold 48,500 shares of the stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $61.55, for a total transaction of $2,985,175.00. Following the completion of the transaction, the chief financial officer owned 79,894 shares in the company, valued at $4,917,475.70. This trade represents a 37.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 565,145 shares of company stock worth $35,839,918. 0.79% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Price Performance

FCX opened at $67.64 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 $97.21 billion, a P/E ratio of 44.79, a P/E/G ratio of 0.80 and a beta of 1.48. The company’s 50-day simple moving average is $62.42 and its two-hundred day simple moving average is $53.47. Freeport-McMoRan Inc. has a 52-week low of $33.30 and a 52-week high of $70.96.

Freeport-McMoRan (NYSE:FCX) last posted its 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 business had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $5.42 billion. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The business’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.31 EPS. As a group, analysts predict that Freeport-McMoRan Inc. will post 2.55 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio is 19.87%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on FCX shares. HSBC upped their price target on shares of Freeport-McMoRan from $69.00 to $72.00 and gave the stock a “buy” rating in a research note on Tuesday, April 14th. The Goldman Sachs Group started coverage on shares of Freeport-McMoRan in a research note on Thursday, April 2nd. They issued a “buy” rating and a $70.00 price target on the stock. UBS Group dropped their price target on shares of Freeport-McMoRan from $70.00 to $66.00 and set a “buy” rating on the stock in a research note on Friday, March 27th. Wall Street Zen cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Finally, Citigroup upped their price target on shares of Freeport-McMoRan from $48.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday, January 12th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $66.26.

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.