Freeport-McMoRan Inc. $FCX Holdings Trimmed by Cim Investment Management Inc.

Cim Investment Management Inc. trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 50.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,040 shares of the natural resource company’s stock after selling 41,036 shares during the period. Cim Investment Management Inc.’s holdings in Freeport-McMoRan were worth $1,570,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Wellington Management Group LLP grew its stake in Freeport-McMoRan by 190.9% in the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after purchasing an additional 23,950,557 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in shares of Freeport-McMoRan by 89.4% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 17,569,169 shares of the natural resource company’s stock valued at $761,623,000 after acquiring an additional 8,292,873 shares during the last quarter. Crake Asset Management LLP grew its holdings in Freeport-McMoRan by 60.6% during the second quarter. Crake Asset Management LLP now owns 9,522,673 shares of the natural resource company’s stock valued at $412,808,000 after purchasing an additional 3,593,050 shares during the last quarter. Voya Investment Management LLC raised its position in shares of Freeport-McMoRan by 289.0% in the third quarter. Voya Investment Management LLC now owns 3,844,504 shares of the natural resource company’s stock valued at $150,781,000 after purchasing an additional 2,856,302 shares during the period. Finally, AQR Capital Management LLC lifted its stake in shares of Freeport-McMoRan by 205.0% in the second quarter. AQR Capital Management LLC now owns 4,186,621 shares of the natural resource company’s stock worth $181,490,000 after buying an additional 2,813,845 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $58.02 on Wednesday. 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 1-year low of $27.66 and a 1-year high of $69.75. The stock has a market capitalization of $83.39 billion, a P/E ratio of 38.42, a P/E/G ratio of 0.68 and a beta of 1.41. The business has a 50-day moving average price of $61.77 and a two-hundred day moving average price of $50.17.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) 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 company had revenue of $5.63 billion for the quarter, compared to analyst estimates of $5.42 billion. During the same quarter last year, the firm earned $0.31 EPS. The company’s revenue for the quarter was down 1.5% on a year-over-year basis. Equities analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 29,654 shares of the stock in a transaction on Friday, February 20th. The shares were sold at an average price of $63.00, for a total value of $1,868,202.00. Following the sale, the chief accounting officer directly owned 76,445 shares in the company, valued at approximately $4,816,035. This trade represents a 27.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Ellie L. Mikes sold 11,000 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $62.03, for a total transaction of $682,330.00. Following the completion of the transaction, the chief accounting officer directly owned 40,773 shares in the company, valued at approximately $2,529,149.19. The trade was a 21.25% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 565,145 shares of company stock valued at $35,839,918. Corporate insiders own 0.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FCX. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a report on Wednesday, November 26th. BMO Capital Markets upped their price objective on shares of Freeport-McMoRan from $55.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, January 14th. JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $58.00 to $68.00 and gave the stock an “overweight” rating in a report on Thursday, January 8th. Bank of America upped their target price on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Finally, Scotiabank increased their target price on Freeport-McMoRan from $70.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.59.

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.