Cinctive Capital Management LP Cuts Holdings in Freeport-McMoRan Inc. $FCX

Cinctive Capital Management LP decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 86.3% in the third quarter, Holdings Channel reports. The firm owned 31,976 shares of the natural resource company’s stock after selling 201,790 shares during the quarter. Cinctive Capital Management LP’s holdings in Freeport-McMoRan were worth $1,254,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Great Lakes Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 8.0% during the 3rd quarter. Great Lakes Advisors LLC now owns 1,551,258 shares of the natural resource company’s stock valued at $60,840,000 after acquiring an additional 115,285 shares during the last quarter. Summit Global Investments raised its holdings in shares of Freeport-McMoRan by 278.4% during the third quarter. Summit Global Investments now owns 46,157 shares of the natural resource company’s stock valued at $1,810,000 after purchasing an additional 33,959 shares during the last quarter. Arrow Capital Pty Ltd raised its holdings in shares of Freeport-McMoRan by 88.5% during the second quarter. Arrow Capital Pty Ltd now owns 113,100 shares of the natural resource company’s stock valued at $4,903,000 after purchasing an additional 53,100 shares during the last quarter. Foster Victor Wealth Advisors LLC lifted its position in Freeport-McMoRan by 5.7% during the third quarter. Foster Victor Wealth Advisors LLC now owns 383,488 shares of the natural resource company’s stock valued at $15,213,000 after purchasing an additional 20,586 shares during the period. Finally, Momentum Wealth Planning LLC bought a new position in Freeport-McMoRan during the second quarter valued at approximately $3,459,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Argus raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, February 13th. Clarkson Capital raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 price target on the stock in a report on Wednesday, November 19th. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $53.50 to $54.00 in a research note on Friday, January 23rd. Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. Finally, Stifel Nicolaus upped their price objective on Freeport-McMoRan from $52.00 to $76.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $62.59.

Insiders Place Their Bets

In related news, CFO Maree E. Robertson sold 48,500 shares of the business’s 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 directly owned 79,894 shares in the company, valued at approximately $4,917,475.70. The trade was a 37.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Ellie L. Mikes sold 11,000 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total transaction of $682,330.00. Following the completion of the sale, the chief accounting officer directly owned 40,773 shares of the company’s stock, valued at $2,529,149.19. This represents a 21.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 565,145 shares of company stock valued at $35,839,918. 0.79% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Stock Up 2.7%

Shares of FCX stock opened at $57.89 on Tuesday. The company has a current ratio of 2.29, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $69.75. The stock has a market cap of $83.20 billion, a P/E ratio of 38.34, a P/E/G ratio of 0.66 and a beta of 1.41. The company has a 50 day simple moving average of $61.73 and a two-hundred day simple moving average of $50.08.

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

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Thursday, January 15th were given a $0.075 dividend. The ex-dividend date 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%.

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.