Arrow Capital Pty Ltd Cuts Stock Position in Freeport-McMoRan Inc. $FCX

Arrow Capital Pty Ltd trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 47.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,989 shares of the natural resource company’s stock after selling 54,111 shares during the quarter. Freeport-McMoRan makes up approximately 0.1% of Arrow Capital Pty Ltd’s investment portfolio, making the stock its 26th largest position. Arrow Capital Pty Ltd’s holdings in Freeport-McMoRan were worth $2,314,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Steigerwald Gordon & Koch Inc. acquired a new position in Freeport-McMoRan during the third quarter worth $25,000. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of Freeport-McMoRan in the second quarter valued at about $28,000. Salomon & Ludwin LLC grew its position in shares of Freeport-McMoRan by 1,962.9% in the third quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 687 shares during the period. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Freeport-McMoRan during the third quarter worth about $36,000. Finally, Proffitt & Goodson Inc. increased its stake in shares of Freeport-McMoRan by 39.8% during the third quarter. Proffitt & Goodson Inc. now owns 977 shares of the natural resource company’s stock worth $38,000 after purchasing an additional 278 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FCX. UBS Group upped their price target on shares of Freeport-McMoRan from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, January 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Thursday, January 22nd. Argus raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Friday, February 13th. Scotiabank boosted their price target on Freeport-McMoRan from $70.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, February 19th. Finally, HSBC increased their price objective on Freeport-McMoRan from $48.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. One 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $62.59.

Freeport-McMoRan Price Performance

FCX stock opened at $56.33 on Friday. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $69.75. 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 stock has a market cap of $80.95 billion, a price-to-earnings ratio of 37.30, a price-to-earnings-growth ratio of 0.66 and a beta of 1.41. The business has a fifty day moving average of $61.66 and a two-hundred day moving average of $49.94.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.28 by $0.19. The business had revenue of $5.63 billion for the quarter, compared to analyst estimates of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The company’s quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.31 EPS. As a group, research analysts anticipate 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 given 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%.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, EVP Douglas N. Currault II sold 75,000 shares of the stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $64.52, for a total transaction of $4,839,000.00. Following the completion of the transaction, the executive vice president owned 219,181 shares of the company’s stock, valued at $14,141,558.12. This trade represents a 25.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Stephen T. Higgins sold 29,654 shares of Freeport-McMoRan stock in a transaction dated 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 owned 76,445 shares of the company’s stock, valued at approximately $4,816,035. This represents a 27.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 565,145 shares of company stock valued at $35,839,918 over the last quarter. 0.75% of the stock is owned by insiders.

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.