EFG International AG Sells 22,164 Shares of Freeport-McMoRan Inc. $FCX

EFG International AG decreased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 15.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 124,203 shares of the natural resource company’s stock after selling 22,164 shares during the quarter. EFG International AG’s holdings in Freeport-McMoRan were worth $7,811,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Strategic Investment Solutions Inc. IL purchased a new position in shares of Freeport-McMoRan in the 4th quarter worth about $25,000. Steph & Co. grew its position in Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in Freeport-McMoRan during the 1st quarter valued at about $29,000. Kemnay Advisory Services Inc. bought a new stake in Freeport-McMoRan during the 4th quarter valued at about $29,000. Finally, SHP Wealth Management bought a new stake in Freeport-McMoRan during the 4th quarter valued at about $30,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Trading Up 2.7%

Shares of NYSE:FCX opened at $79.91 on Wednesday. The stock’s 50-day simple moving average is $64.90 and its two-hundred day simple moving average is $63.66. The stock has a market capitalization of $114.75 billion, a price-to-earnings ratio of 39.36, a PEG ratio of 0.77 and a beta of 1.37. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $79.95. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.12. The firm had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business’s quarterly revenue was down 7.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.54 EPS. Analysts expect that Freeport-McMoRan Inc. will post 2.79 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. Freeport-McMoRan’s payout ratio is presently 14.78%.

Insiders Place Their Bets

In other news, CAO Ellie L. Mikes sold 4,773 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the transaction, the chief accounting officer owned 36,000 shares of the company’s stock, valued at $2,520,000. This trade represents a 11.71% 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 Stephen T. Higgins sold 14,277 shares of Freeport-McMoRan 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 transaction, the chief accounting officer directly owned 54,618 shares in the company, valued at approximately $3,795,951. The trade was a 20.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 26,600 shares of company stock valued at $1,802,012. Insiders own 0.73% of the company’s stock.

Analyst Ratings Changes

FCX has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. Morgan Stanley upped their price objective on Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 8th. Barclays increased their target price on Freeport-McMoRan from $80.00 to $82.00 and gave the company an “overweight” rating in a research note on Monday, July 27th. Citigroup reissued a “positive” rating on shares of Freeport-McMoRan in a report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. boosted their price target on Freeport-McMoRan from $73.00 to $77.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $70.27.

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.