7,625 Shares in Freeport-McMoRan Inc. $FCX Bought by Commerzbank Aktiengesellschaft FI

Commerzbank Aktiengesellschaft FI acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,625 shares of the natural resource company’s stock, valued at approximately $480,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of FCX. Vanguard Group Inc. increased its holdings in shares of Freeport-McMoRan by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock valued at $6,619,611,000 after purchasing an additional 1,572,769 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in Freeport-McMoRan by 1.0% during the fourth quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock worth $3,244,504,000 after buying an additional 622,343 shares in the last quarter. State Street Corp grew its position in Freeport-McMoRan by 0.6% during the fourth quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock worth $3,193,327,000 after buying an additional 395,226 shares during the period. Bank of America Corp DE grew its position in Freeport-McMoRan by 20.0% during the first quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock worth $2,489,069,000 after buying an additional 7,044,775 shares during the period. Finally, Franklin Resources Inc. increased its holdings in Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after buying an additional 8,891,743 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Stephen T. Higgins sold 14,277 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total transaction 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. This represents a 20.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 completion of the sale, the chief accounting officer directly owned 36,000 shares in the company, valued at approximately $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 26,600 shares of company stock valued at $1,802,012. Company insiders own 0.73% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on FCX shares. Bank of America lifted their price target on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. The Goldman Sachs Group lowered their price target on Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a report on Wednesday, July 8th. HSBC lifted their price objective on Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 31st. Finally, BNP Paribas Exane upped their target price on Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a report on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $70.27.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $66.33 on Wednesday. The firm has a 50 day simple moving average of $64.15 and a 200-day simple moving average of $63.22. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The firm has a market cap of $95.25 billion, a PE ratio of 32.68, a P/E/G ratio of 0.66 and a beta of 1.37. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28.

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

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were issued a dividend of $0.075 per share. The ex-dividend date was Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 14.78%.

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.