Freeport-McMoRan Inc. $FCX Stock Position Trimmed by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 34.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,834 shares of the natural resource company’s stock after selling 9,401 shares during the period. CIBC Private Wealth Group LLC’s holdings in Freeport-McMoRan were worth $699,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Steigerwald Gordon & Koch Inc. acquired a new stake in shares of Freeport-McMoRan in the third quarter valued at approximately $25,000. Twin Peaks Wealth Advisors LLC acquired a new position in shares of Freeport-McMoRan during the second quarter worth approximately $28,000. Salomon & Ludwin LLC boosted its position in shares of Freeport-McMoRan by 1,962.9% during the third quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock worth $29,000 after buying an additional 687 shares during the period. JPL Wealth Management LLC bought a new position in Freeport-McMoRan in the 3rd quarter worth approximately $33,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in Freeport-McMoRan in the 3rd quarter worth approximately $36,000. Institutional investors own 80.77% of the company’s stock.

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan news, CFO Maree E. Robertson sold 48,500 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer directly owned 79,894 shares of the company’s stock, valued at approximately $4,917,475.70. This represents a 37.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Ellie L. Mikes sold 11,000 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The stock was 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 owned 40,773 shares of the company’s stock, valued at approximately $2,529,149.19. The trade was a 21.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 565,145 shares of company stock worth $35,839,918 in the last three months. Insiders own 0.79% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX opened at $54.93 on Tuesday. The firm has a market cap of $78.94 billion, a PE ratio of 36.38, a P/E/G ratio of 0.61 and a beta of 1.41. 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 business has a fifty day simple moving average of $61.59 and a 200-day simple moving average of $50.41. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two 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 (EPS) for the quarter, topping 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 analyst estimates of $5.42 billion. During the same period in the previous year, the firm earned $0.31 earnings per share. Freeport-McMoRan’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 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FCX has been the topic of several recent analyst reports. Raymond James Financial lifted their target price on Freeport-McMoRan from $53.00 to $66.00 and gave the company an “outperform” rating in a research note on Thursday, January 15th. Scotiabank increased their price target on Freeport-McMoRan from $70.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, February 19th. Freedom Capital raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Saturday, February 21st. 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 research note on Monday, January 26th. Finally, Wall Street Zen downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average 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.