111 Capital Makes New $1.31 Million Investment in Freeport-McMoRan Inc. $FCX

111 Capital purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 33,350 shares of the natural resource company’s stock, valued at approximately $1,308,000.

A number of other large investors have also modified their holdings of the stock. Fisher Asset Management LLC boosted its holdings in Freeport-McMoRan by 1.4% in the third quarter. Fisher Asset Management LLC now owns 63,258,414 shares of the natural resource company’s stock valued at $2,480,995,000 after purchasing an additional 899,699 shares during the period. Royce & Associates LP raised its position in Freeport-McMoRan by 12.5% in the 3rd quarter. Royce & Associates LP now owns 90,000 shares of the natural resource company’s stock valued at $3,530,000 after purchasing an additional 10,000 shares in the last quarter. River Wealth Advisors LLC boosted its stake in shares of Freeport-McMoRan by 5.9% in the 3rd quarter. River Wealth Advisors LLC now owns 84,118 shares of the natural resource company’s stock valued at $3,299,000 after buying an additional 4,698 shares during the period. Holderness Investments Co. boosted its stake in shares of Freeport-McMoRan by 60.0% in the 3rd quarter. Holderness Investments Co. now owns 17,602 shares of the natural resource company’s stock valued at $690,000 after buying an additional 6,602 shares during the period. Finally, Clal Insurance Enterprises Holdings Ltd acquired a new position in shares of Freeport-McMoRan during the third quarter worth about $33,337,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Maree E. Robertson sold 48,500 shares of the company’s stock in a transaction on Friday, February 13th. The shares were sold at an average price of $61.55, for a total value of $2,985,175.00. Following the completion of the sale, the chief financial officer owned 79,894 shares in the company, valued at $4,917,475.70. This represents a 37.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard C. Adkerson sold 248,031 shares of the firm’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $62.80, for a total transaction of $15,576,346.80. Following the transaction, the chairman directly owned 3,509,119 shares in the company, valued at $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. Over the last ninety days, insiders sold 603,140 shares of company stock worth $37,660,139. Corporate insiders own 0.79% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on FCX shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Freeport-McMoRan in a report on Thursday, January 22nd. BMO Capital Markets increased 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. Stifel Nicolaus raised their price objective 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. Raymond James Financial boosted their target price on shares of Freeport-McMoRan from $53.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, January 15th. Finally, JPMorgan Chase & Co. increased their target price on Freeport-McMoRan from $58.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, January 8th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $62.59.

Freeport-McMoRan Stock Down 0.5%

FCX opened at $68.03 on Monday. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $69.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29. The stock has a market capitalization of $97.77 billion, a P/E ratio of 45.05, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41. The business’s 50-day simple moving average is $59.55 and its 200-day simple moving average is $48.60.

Freeport-McMoRan (NYSE:FCX) last released its quarterly 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. 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 quarterly revenue was down 1.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.31 EPS. Analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Thursday, January 15th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Thursday, January 15th. Freeport-McMoRan’s payout ratio is presently 19.87%.

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.