Barometer Capital Management Inc. Sells 54,860 Shares of Freeport-McMoRan Inc. $FCX

Barometer Capital Management Inc. lessened its position in Freeport-McMoRan Inc. (NYSE:FCX) by 72.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,240 shares of the natural resource company’s stock after selling 54,860 shares during the quarter. Barometer Capital Management Inc.’s holdings in Freeport-McMoRan were worth $830,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in FCX. Great Lakes Advisors LLC increased its stake in Freeport-McMoRan by 8.0% in the 3rd quarter. Great Lakes Advisors LLC now owns 1,551,258 shares of the natural resource company’s stock worth $60,840,000 after buying an additional 115,285 shares during the period. Summit Global Investments grew its stake in Freeport-McMoRan by 278.4% in the 3rd quarter. Summit Global Investments now owns 46,157 shares of the natural resource company’s stock worth $1,810,000 after acquiring an additional 33,959 shares in the last quarter. Arrow Capital Pty Ltd increased its position 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 worth $4,903,000 after acquiring an additional 53,100 shares during the period. Foster Victor Wealth Advisors LLC raised its stake in shares of 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 acquiring an additional 20,586 shares in the last quarter. Finally, Momentum Wealth Planning LLC purchased a new stake in shares of Freeport-McMoRan in the second quarter valued at approximately $3,459,000. 80.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO Maree E. Robertson sold 48,500 shares of the business’s stock in a transaction on Friday, February 13th. The shares were 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 $4,917,475.70. The trade was a 37.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Richard C. Adkerson sold 248,031 shares of the company’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $62.80, for a total transaction of $15,576,346.80. Following the completion of the sale, the chairman directly owned 3,509,119 shares in the company, valued at approximately $220,372,673.20. The trade was a 6.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 565,145 shares of company stock worth $35,839,918 in the last quarter. 0.75% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on FCX shares. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research report on Wednesday, November 26th. JPMorgan Chase & Co. upped their price objective on shares of Freeport-McMoRan from $58.00 to $68.00 and gave the stock an “overweight” rating in a research note on Thursday, January 8th. Argus raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, February 13th. Stifel Nicolaus boosted their price target on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the company a “buy” rating in a report on Wednesday, February 11th. Finally, CICC Research lifted their price objective on shares of Freeport-McMoRan from $50.40 to $64.40 and gave the company an “outperform” rating in a report on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $62.59.

Freeport-McMoRan Stock Down 1.4%

Shares of Freeport-McMoRan stock opened at $61.51 on Thursday. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. The company has a market cap of $88.40 billion, a P/E ratio of 40.73, a PEG ratio of 0.73 and a beta of 1.41. The firm’s 50 day moving average price is $61.41 and its 200-day moving average price is $49.75. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $69.75.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.19. The firm had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The firm’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.31 EPS. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Investors 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 was Thursday, January 15th. Freeport-McMoRan’s dividend payout ratio is 19.87%.

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.