Myriad Asset Management US LP Lowers Stake in Freeport-McMoRan Inc. $FCX

Myriad Asset Management US LP cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 63.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 19,153 shares of the natural resource company’s stock after selling 32,653 shares during the quarter. Freeport-McMoRan comprises approximately 1.6% of Myriad Asset Management US LP’s portfolio, making the stock its 15th largest holding. Myriad Asset Management US LP’s holdings in Freeport-McMoRan were worth $973,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Steigerwald Gordon & Koch Inc. acquired a new stake in shares of Freeport-McMoRan during the third quarter worth about $25,000. Twin Peaks Wealth Advisors LLC acquired a new position in Freeport-McMoRan in the 2nd quarter valued at about $28,000. Salomon & Ludwin LLC raised its stake 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 acquiring an additional 687 shares during the last quarter. JPL Wealth Management LLC purchased a new stake in Freeport-McMoRan during the 3rd quarter valued at approximately $33,000. Finally, YANKCOM Partnership lifted its position in Freeport-McMoRan by 83.3% during the 4th quarter. YANKCOM Partnership now owns 869 shares of the natural resource company’s stock worth $44,000 after acquiring an additional 395 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FCX. Stifel Nicolaus lifted their target price on Freeport-McMoRan from $52.00 to $76.00 and gave the company a “buy” rating in a research note on Wednesday, February 11th. Scotiabank upped their price target on Freeport-McMoRan from $70.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, February 19th. Raymond James Financial increased their price target on Freeport-McMoRan from $53.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, January 15th. Freedom Capital upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Finally, Wells Fargo & Company boosted their price objective on shares of Freeport-McMoRan from $55.00 to $64.00 and gave the company an “overweight” rating in a research note on Tuesday, January 13th. 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. According to data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price of $62.75.

Freeport-McMoRan Stock Down 0.1%

FCX opened at $61.32 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.29 and a quick ratio of 1.05. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $69.75. The stock has a market capitalization of $88.13 billion, a P/E ratio of 40.61, a P/E/G ratio of 0.72 and a beta of 1.48. The business has a 50 day simple moving average of $61.31 and a 200-day simple moving average of $51.18.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, topping 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 firm had revenue of $5.63 billion for the quarter, compared to analyst estimates of $5.42 billion. During the same quarter in the prior year, the company posted $0.31 earnings per share. Freeport-McMoRan’s quarterly revenue was down 1.5% on a year-over-year basis. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is 19.87%.

Insiders Place Their Bets

In related news, EVP Douglas N. Currault II sold 75,000 shares of the business’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $64.52, for a total transaction of $4,839,000.00. Following the sale, the executive vice president owned 219,181 shares of the company’s stock, valued at approximately $14,141,558.12. The trade was a 25.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Maree E. Robertson sold 48,500 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer owned 79,894 shares in the company, valued at $4,917,475.70. The trade was a 37.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 565,145 shares of company stock worth $35,839,918. Insiders own 0.75% of the company’s stock.

Freeport-McMoRan 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.