Freeport-McMoRan Inc. $FCX Shares Bought by Intech Investment Management LLC

Intech Investment Management LLC grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 142.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 61,062 shares of the natural resource company’s stock after purchasing an additional 35,878 shares during the period. Intech Investment Management LLC’s holdings in Freeport-McMoRan were worth $2,395,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Catalyst Financial Partners LLC increased its stake in Freeport-McMoRan by 6.0% in the 3rd quarter. Catalyst Financial Partners LLC now owns 7,400 shares of the natural resource company’s stock valued at $290,000 after buying an additional 419 shares during the period. Fox Run Management L.L.C. purchased a new stake in shares of Freeport-McMoRan in the third quarter valued at about $1,986,000. Waddell & Associates LLC increased its stake in shares of Freeport-McMoRan by 41.3% during the third quarter. Waddell & Associates LLC now owns 7,096 shares of the natural resource company’s stock worth $278,000 after acquiring an additional 2,074 shares during the period. Aldebaran Capital LLC raised its holdings in Freeport-McMoRan by 1.6% during the third quarter. Aldebaran Capital LLC now owns 51,733 shares of the natural resource company’s stock worth $2,029,000 after purchasing an additional 830 shares in the last quarter. Finally, First American Trust FSB lifted its position in Freeport-McMoRan by 0.6% in the third quarter. First American Trust FSB now owns 76,277 shares of the natural resource company’s stock valued at $2,992,000 after purchasing an additional 464 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $65.59 on Wednesday. The firm has a market capitalization of $94.27 billion, a PE ratio of 43.44, a P/E/G ratio of 0.79 and a beta of 1.41. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $69.75. The firm’s 50-day simple moving average is $60.18 and its 200 day simple moving average is $48.95. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.19. The company had revenue of $5.63 billion during 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 firm’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.31 earnings per share. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

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

Wall Street Analysts Forecast Growth

FCX has been the topic of several recent analyst reports. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from $53.50 to $54.00 in a research report on Friday, January 23rd. Clarkson Capital upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 price target on the stock in a research note on Wednesday, November 19th. Wells Fargo & Company upped their price objective on Freeport-McMoRan from $55.00 to $64.00 and gave the stock an “overweight” rating in a report on Tuesday, January 13th. Freedom Capital raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Saturday, February 21st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Freeport-McMoRan in a research report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $62.59.

Insider Activity

In other news, CFO Maree E. Robertson sold 48,500 shares of the business’s stock in a transaction on Friday, February 13th. The stock was sold at an average price of $61.55, for a total value of $2,985,175.00. Following the completion of the transaction, the chief financial officer directly owned 79,894 shares of the company’s stock, valued at $4,917,475.70. The trade was a 37.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Douglas N. Currault II sold 75,000 shares of the stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $64.52, for a total value 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. The trade was a 25.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 603,140 shares of company stock worth $37,660,139 in the last quarter. 0.79% of the stock is currently owned by corporate insiders.

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.