Gulf International Bank UK Ltd Lowers Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Gulf International Bank UK Ltd cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 26.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 82,289 shares of the natural resource company’s stock after selling 29,880 shares during the period. Gulf International Bank UK Ltd’s holdings in Freeport-McMoRan were worth $3,115,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Coppell Advisory Solutions LLC grew its stake in shares of Freeport-McMoRan by 47.4% during the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company’s stock valued at $32,000 after buying an additional 268 shares during the period. City Holding Co. purchased a new position in shares of Freeport-McMoRan in the 1st quarter valued at $33,000. Bernard Wealth Management Corp. purchased a new position in shares of Freeport-McMoRan in the 4th quarter valued at $35,000. Dagco Inc. purchased a new position in shares of Freeport-McMoRan in the 1st quarter valued at $37,000. Finally, Greykasell Wealth Strategies Inc. purchased a new position in shares of Freeport-McMoRan in the 1st quarter valued at $42,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the firm’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the transaction, the chief accounting officer directly owned 48,333 shares in the company, valued at $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.75% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on FCX shares. Hsbc Global Res downgraded shares of Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. raised their target price on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday, July 9th. Scotiabank raised their target price on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 9th. BMO Capital Markets cut their target price on shares of Freeport-McMoRan from $55.00 to $54.00 and set an “outperform” rating on the stock in a research note on Thursday, July 24th. Finally, Wolfe Research raised shares of Freeport-McMoRan from a “peer perform” rating to an “outperform” rating and set a $39.00 target price on the stock in a research note on Wednesday, April 16th. Eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $51.00.

Freeport-McMoRan Price Performance

FCX opened at $42.72 on Thursday. The company has a 50-day moving average of $42.98 and a 200-day moving average of $39.14. The company has a market capitalization of $61.39 billion, a P/E ratio of 32.36, a PEG ratio of 0.80 and a beta of 1.63. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $52.61. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.09. The company had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.46 EPS. Equities analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 22.73%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.