Freeport-McMoRan Inc. $FCX Stock Sold by ProShare Advisors LLC

ProShare Advisors LLC lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 4.6% during the third quarter, HoldingsChannel.com reports. The firm owned 246,003 shares of the natural resource company’s stock after selling 11,987 shares during the quarter. ProShare Advisors LLC’s holdings in Freeport-McMoRan were worth $17,220,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in FCX. NBH Bank bought a new position in Freeport-McMoRan during the second quarter valued at approximately $28,000. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan in the 1st quarter valued at $29,000. Roxbury Financial LLC lifted its stake in shares of Freeport-McMoRan by 196.5% in the 2nd quarter. Roxbury Financial LLC now owns 593 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 393 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Freeport-McMoRan in the first quarter worth $39,000. Finally, Archer Investment Corp bought a new position in Freeport-McMoRan during the second quarter valued at about $45,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

FCX has been the subject of a number of analyst reports. UBS Group reduced their price target on Freeport-McMoRan from $88.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, October 28th. The Goldman Sachs Group reissued a “buy” rating on shares of Freeport-McMoRan in a report on Thursday, September 10th. Royal Bank Of Canada boosted their price objective on shares of Freeport-McMoRan from $73.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Wednesday, September 16th. Erste Group Bank began coverage on shares of Freeport-McMoRan in a research note on Thursday, August 27th. They issued a “buy” rating for the company. Finally, Wells Fargo & Company decreased their price objective on shares of Freeport-McMoRan from $87.00 to $79.00 and set an “overweight” rating for the company in a report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $75.30.

Freeport-McMoRan Trading Up 0.7%

Freeport-McMoRan stock opened at $62.88 on Tuesday. The stock has a market cap of $90.30 billion, a price-to-earnings ratio of 26.42, a price-to-earnings-growth ratio of 0.59 and a beta of 1.39. The company has a quick ratio of 0.92, a current ratio of 2.02 and a debt-to-equity ratio of 0.23. Freeport-McMoRan Inc. has a 12 month low of $38.54 and a 12 month high of $80.24. The business has a 50 day moving average price of $71.32 and a two-hundred day moving average price of $65.26.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, October 27th. The natural resource company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.82 by $0.06. Freeport-McMoRan had a return on equity of 12.09% and a net margin of 13.03%. The firm had revenue of $7.55 billion during the quarter, compared to analysts’ expectations of $7.36 billion. During the same period last year, the business earned $0.50 earnings per share. Freeport-McMoRan’s quarterly revenue was up 8.2% compared to the same quarter last year. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 3.04 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th were issued a $0.0750 dividend. The ex-dividend date of this dividend was Thursday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is presently 12.61%.

Insider Buying and Selling

In other news, CAO Stephen T. Higgins sold 14,277 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the sale, the chief accounting officer owned 54,618 shares of the company’s stock, valued at approximately $3,795,951. This represents a 20.72% 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, Director Lydia H. Kennard sold 3,798 shares of the stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $79.11, for a total transaction of $300,459.78. Following the sale, the director owned 122,702 shares of the company’s stock, valued at $9,706,955.22. This trade represents a 3.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 102,848 shares of company stock worth $7,911,621 over the last 90 days. Corporate insiders own 0.73% of the company’s stock.

Freeport-McMoRan Profile

Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.