EFG International AG lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 15.1% in the second quarter, HoldingsChannel reports. The institutional investor owned 124,203 shares of the natural resource company’s stock after selling 22,164 shares during the quarter. EFG International AG’s holdings in Freeport-McMoRan were worth $7,811,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. Strategic Investment Solutions Inc. IL bought a new position in shares of Freeport-McMoRan in the fourth quarter worth about $25,000. Steph & Co. grew its position in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in Freeport-McMoRan during the 1st quarter valued at approximately $29,000. Kemnay Advisory Services Inc. bought a new stake in Freeport-McMoRan during the 4th quarter valued at approximately $29,000. Finally, SHP Wealth Management purchased a new position in Freeport-McMoRan in the 4th quarter worth approximately $30,000. 80.77% of the stock is owned by institutional investors.
Freeport-McMoRan Stock Performance
NYSE:FCX opened at $79.91 on Wednesday. The company has a market cap of $114.75 billion, a price-to-earnings ratio of 39.36, a PEG ratio of 0.77 and a beta of 1.37. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $79.95. The stock’s 50 day simple moving average is $64.90 and its two-hundred day simple moving average is $63.66. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92.
Freeport-McMoRan Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is presently 14.78%.
Insider Buying and Selling at Freeport-McMoRan
In other news, CAO Ellie L. Mikes sold 4,773 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total value of $334,110.00. Following the sale, the chief accounting officer directly owned 36,000 shares in the company, valued at $2,520,000. The trade was a 11.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Stephen T. Higgins sold 14,277 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total transaction of $992,251.50. Following the sale, the chief accounting officer owned 54,618 shares in the company, valued at $3,795,951. This represents a 20.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 26,600 shares of company stock valued at $1,802,012 in the last quarter. 0.73% of the stock is owned by company insiders.
Analysts Set New Price Targets
FCX has been the subject of several recent analyst reports. UBS Group upped their price target on Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. The Goldman Sachs Group lowered their target price on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a report on Wednesday, July 8th. CICC Research dropped their target price on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research report on Tuesday, April 28th. Jefferies Financial Group raised their target price on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Finally, Scotiabank lifted their price target on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a report on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $70.27.
Read Our Latest Analysis on Freeport-McMoRan
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.
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