Freeport-McMoRan Inc. $FCX Shares Sold by ING Groep NV

ING Groep NV cut its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 20.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 190,273 shares of the natural resource company’s stock after selling 49,639 shares during the period. ING Groep NV’s holdings in Freeport-McMoRan were worth $9,664,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in FCX. JPL Wealth Management LLC purchased a new stake in Freeport-McMoRan in the 3rd quarter valued at $33,000. Kohmann Bosshard Financial Services LLC acquired a new stake in Freeport-McMoRan during the fourth quarter worth about $38,000. Modus Advisors LLC acquired a new position in Freeport-McMoRan in the 4th quarter valued at about $40,000. Key Financial Inc lifted its holdings in Freeport-McMoRan by 32.3% in the fourth quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock valued at $42,000 after acquiring an additional 202 shares during the last quarter. Finally, Laurel Wealth Advisors LLC purchased a new stake in Freeport-McMoRan in the fourth quarter valued at $43,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

FCX has been the subject of a number of research analyst reports. CICC Research lowered their price target on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a report on Tuesday, April 28th. The Goldman Sachs Group upped their target price on shares of Freeport-McMoRan from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Morgan Stanley reaffirmed an “equal weight” rating and issued a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. BNP Paribas Exane decreased their target price on shares of Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 28th. Finally, Stifel Nicolaus upped their target price on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $66.04.

Freeport-McMoRan Stock Down 0.0%

Shares of FCX opened at $63.37 on Monday. The stock has a market capitalization of $91.10 billion, a PE ratio of 33.71, a P/E/G ratio of 0.76 and a beta of 1.35. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.09. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The company’s 50-day simple moving average is $63.48 and its 200-day simple moving average is $58.31.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. The company had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.24 EPS. Analysts forecast that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were issued a dividend of $0.075 per share. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is 15.96%.

About Freeport-McMoRan

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.