Freeport-McMoRan Inc. $FCX Position Boosted by J. Safra Sarasin Holding AG
J. Safra Sarasin Holding AG increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX[1] - Free Report[2]) by 89.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 91,379 shares of the natural resource company's stock after purchasing an additional 43,188 shares during the quarter.
J. Safra Sarasin Holding AG's holdings in Freeport-McMoRan were worth £3,584,000 as of its most recent filing with the SEC. A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FCX.
Brighton Jones LLC raised its position in Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock valued at £564,000 after acquiring an additional 2,882 shares in the last quarter. Bison Wealth LLC grew its position in shares of Freeport-McMoRan by 5.6% in the fourth quarter.
Bison Wealth LLC now owns 9,616 shares of the natural resource company's stock valued at £366,000 after purchasing an additional 507 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of Freeport-McMoRan in the second quarter worth about £560,000. ORG Partners LLC lifted its position in shares of Freeport-McMoRan by 101.6% during the 2nd quarter.
ORG Partners LLC now owns 1,937 shares of the natural resource company's stock worth £85,000 after purchasing an additional 976 shares during the last quarter. Finally, V Square Quantitative Management LLC lifted its position in shares of Freeport-McMoRan by 29.3% during the 2nd quarter. V Square Quantitative Management LLC now owns 6,667 shares of the natural resource company's stock worth £289,000 after purchasing an additional 1,512 shares during the last quarter.
80.77% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research firms have issued reports on FCX. CICC Research raised their target price on Freeport-McMoRan from £50.40 to £64.40 and gave the company an "outperform" rating in a report on Monday. Sanford C.
Bernstein lowered shares of 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. BMO Capital Markets increased their price target on shares of Freeport-McMoRan from £55.00 to £68.00 and gave the company an "outperform" rating in a report on Wednesday, January 14th. Citigroup boosted their price objective on shares of Freeport-McMoRan from £48.00 to £67.00 and gave the stock a "buy" rating in a report on Monday, January 12th.
Finally, HSBC increased their target price on shares of Freeport-McMoRan from £48.00 to £69.00 and gave the company a "buy" rating in a research note on Tuesday, January 20th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of £58.40.
Get Our Latest Stock Analysis on Freeport-McMoRan[3]
Insiders Place Their Bets
In related news, CAO Ellie L. Mikes sold 9,572 shares of the stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of £47.66, for a total transaction of £456,201.52.
Following the completion of the sale, the chief accounting officer owned 38,761 shares in the company, valued at £1,847,349.26. This trade represents a 19.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website[4].
Also, CAO Stephen T. Higgins sold 28,423 shares of the business's stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of £47.99, for a total transaction of £1,364,019.77.
Following the completion of the transaction, the chief accounting officer owned 105,294 shares in the company, valued at approximately £5,053,059.06. This trade represents a 21.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing[5].
0.79% of the stock is currently owned by company insiders.
Freeport-McMoRan Stock Performance
NYSE:FCX[6] opened at £62.87 on Wednesday. The firm has a market capitalization of £90.28 billion, a PE ratio of 41.64, a price-to-earnings-growth ratio of 0.72 and a beta of 1.45. 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 Inc. has a 12-month low of £27.66 and a 12-month high of £63.58. The firm has a 50-day moving average price of £50.68 and a 200 day moving average price of £45.22. Freeport-McMoRan (NYSE:FCX[7] - Get Free Report[8]) last released its quarterly earnings data on Thursday, January 22nd.
The natural resource company reported £0.47 earnings per share for the quarter, beating 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 company had revenue of £5.63 billion for the quarter, compared to the consensus estimate of £5.42 billion. During the same period in the previous year, the business earned £0.31 earnings per share.
The company's quarterly revenue was down 1.5% on a year-over-year basis. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.
Freeport-McMoRan Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders of record on Thursday, January 15th will be paid a dividend of £0.075 per share.
This represents a £0.30 annualized dividend and a yield of 0.5%. The ex-dividend date is Thursday, January 15th. Freeport-McMoRan's dividend payout ratio is currently 19.87%.
Freeport-McMoRan Company Profile
(Free Report[9])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.
Recommended Stories
Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com[10] to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX[11] - Free Report[12]).
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References
- ^ NYSE:FCX (www.marketbeat.com)
- ^ Free Report (www.marketbeat.com)
- ^ Get Our Latest Stock Analysis on Freeport-McMoRan (www.marketbeat.com)
- ^ the SEC website (www.sec.gov)
- ^ SEC filing (www.sec.gov)
- ^ NYSE:FCX (www.marketbeat.com)
- ^ NYSE:FCX (www.marketbeat.com)
- ^ Get Free Report (www.marketbeat.com)
- ^ Free Report (www.marketbeat.com)
- ^ Visit HoldingsChannel.com (www.holdingschannel.com)
- ^ NYSE:FCX (www.marketbeat.com)
- ^ Free Report (www.marketbeat.com)
- ^ five stocks (www.marketbeat.com)
- ^ View The Five Stocks Here (www.marketbeat.com)
- ^ Get This Free Report (marketbeat.com)