Mediolanum International Funds Ltd Trims Stock Position in Freeport-McMoRan Inc. $FCX

Mediolanum International Funds Ltd cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 67.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 125,407 shares of the natural resource company’s stock after selling 262,209 shares during the period. Mediolanum International Funds Ltd’s holdings in Freeport-McMoRan were worth $4,655,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Steigerwald Gordon & Koch Inc. purchased a new stake in shares of Freeport-McMoRan in the third quarter worth about $25,000. Twin Peaks Wealth Advisors LLC purchased a new position in Freeport-McMoRan during the second quarter valued at approximately $28,000. Salomon & Ludwin LLC lifted its holdings in 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 acquiring an additional 687 shares during the period. Pilgrim Partners Asia Pte Ltd purchased a new stake in Freeport-McMoRan in the 3rd quarter worth approximately $36,000. Finally, Proffitt & Goodson Inc. boosted its position in Freeport-McMoRan by 39.8% in the 3rd 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. 80.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 9,572 shares of the stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $47.66, for a total value of $456,201.52. Following the completion of the sale, the chief accounting officer directly owned 38,761 shares in the company, valued at $1,847,349.26. This represents a 19.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Stephen T. Higgins sold 28,423 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $47.99, for a total transaction of $1,364,019.77. Following the completion of the transaction, the chief accounting officer directly owned 105,294 shares in the company, valued at approximately $5,053,059.06. This represents a 21.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.75% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Stock Up 0.9%

FCX opened at $60.76 on Tuesday. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $69.44. 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 50-day moving average price of $52.44 and a 200 day moving average price of $45.72. The company has a market cap of $87.24 billion, a PE ratio of 40.24, a price-to-earnings-growth ratio of 0.72 and a beta of 1.45.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $5.42 billion. During the same period in the previous year, the firm posted $0.31 EPS. Freeport-McMoRan’s revenue was down 1.5% compared to the same quarter last year. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Thursday, January 15th were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Thursday, January 15th. Freeport-McMoRan’s payout ratio is presently 19.87%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Wells Fargo & Company boosted their target price on shares of Freeport-McMoRan from $55.00 to $64.00 and gave the company an “overweight” rating in a research note on Tuesday, January 13th. Raymond James Financial lifted their price objective on shares of Freeport-McMoRan from $53.00 to $66.00 and gave the company an “outperform” rating in a report on Thursday, January 15th. Weiss Ratings reissued a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Thursday, January 22nd. UBS Group raised their target price on Freeport-McMoRan from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Finally, Hsbc Global Res upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 16th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $58.40.

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.