CI Investments Inc. Sells 1,603,730 Shares of Freeport-McMoRan Inc. $FCX

CI Investments Inc. trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 98.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,600 shares of the natural resource company’s stock after selling 1,603,730 shares during the period. CI Investments Inc.’s holdings in Freeport-McMoRan were worth $1,279,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Kingsview Wealth Management LLC boosted its holdings in shares of Freeport-McMoRan by 79.9% during the 3rd quarter. Kingsview Wealth Management LLC now owns 8,968 shares of the natural resource company’s stock worth $352,000 after buying an additional 3,983 shares during the period. 111 Capital bought a new stake in Freeport-McMoRan during the third quarter worth about $1,308,000. Fisher Asset Management LLC boosted its position in shares of Freeport-McMoRan by 1.4% during the 3rd quarter. Fisher Asset Management LLC now owns 63,258,414 shares of the natural resource company’s stock worth $2,480,995,000 after acquiring an additional 899,699 shares in the last quarter. Royce & Associates LP boosted its holdings in shares of Freeport-McMoRan by 12.5% in the 3rd quarter. Royce & Associates LP now owns 90,000 shares of the natural resource company’s stock valued at $3,530,000 after purchasing an additional 10,000 shares in the last quarter. Finally, River Wealth Advisors LLC raised its stake in Freeport-McMoRan by 5.9% during the third quarter. River Wealth Advisors LLC now owns 84,118 shares of the natural resource company’s stock worth $3,299,000 after acquiring an additional 4,698 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Insider Activity at Freeport-McMoRan

In other news, CFO Maree E. Robertson sold 48,500 shares of the stock in a transaction 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 transaction, the chief financial officer directly owned 79,894 shares of the company’s stock, valued at $4,917,475.70. This represents a 37.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Stephen T. Higgins sold 29,654 shares of the business’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $63.00, for a total transaction of $1,868,202.00. Following the sale, the chief accounting officer directly owned 76,445 shares of the company’s stock, valued at approximately $4,816,035. The trade was a 27.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 603,140 shares of company stock worth $37,660,139 in the last ninety days. 0.75% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of recent research reports. UBS Group lifted their price target on Freeport-McMoRan from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Freeport-McMoRan in a research report on Thursday, January 22nd. Jefferies Financial Group lifted their price target on shares of Freeport-McMoRan from $68.00 to $76.00 and gave the company a “buy” rating in a research report on Tuesday, February 17th. Freedom Capital raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Saturday, February 21st. Finally, Argus upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Friday, February 13th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $62.59.

Freeport-McMoRan Price Performance

FCX stock opened at $62.77 on Friday. The firm’s 50-day moving average price is $60.67 and its two-hundred day moving average price is $49.16. The stock has a market capitalization of $90.21 billion, a price-to-earnings ratio of 41.57, a PEG ratio of 0.76 and a beta of 1.41. 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.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.19. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The business had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $5.42 billion. During the same quarter in the previous year, the business posted $0.31 earnings per share. The firm’s revenue for the quarter was down 1.5% compared to the same quarter last year. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

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

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.