Cim Investment Management Inc. Raises Position in Freeport-McMoRan Inc. $FCX

Cim Investment Management Inc. boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 99.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 81,076 shares of the natural resource company’s stock after buying an additional 40,465 shares during the period. Freeport-McMoRan makes up about 0.6% of Cim Investment Management Inc.’s holdings, making the stock its 26th largest holding. Cim Investment Management Inc.’s holdings in Freeport-McMoRan were worth $3,300,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in FCX. Callan Family Office LLC grew its position in Freeport-McMoRan by 229.9% during the 2nd quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock worth $1,170,000 after acquiring an additional 18,803 shares during the last quarter. New York Life Investment Management LLC boosted its stake in shares of Freeport-McMoRan by 11.8% during the second quarter. New York Life Investment Management LLC now owns 215,058 shares of the natural resource company’s stock valued at $9,323,000 after purchasing an additional 22,766 shares during the period. Bourgeon Capital Management LLC grew its holdings in shares of Freeport-McMoRan by 8.1% in the second quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock worth $14,373,000 after purchasing an additional 24,803 shares during the last quarter. Arrow Capital Pty Ltd grew its holdings in shares of Freeport-McMoRan by 88.5% in the second quarter. Arrow Capital Pty Ltd now owns 113,100 shares of the natural resource company’s stock worth $4,903,000 after purchasing an additional 53,100 shares during the last quarter. Finally, Mercuria Capital Strategies LLC purchased a new position in shares of Freeport-McMoRan in the second quarter worth $9,970,000. 80.77% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CAO Ellie L. Mikes sold 9,572 shares of Freeport-McMoRan stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $47.66, for a total transaction of $456,201.52. Following the completion of the transaction, the chief accounting officer directly owned 38,761 shares of the company’s stock, valued at $1,847,349.26. This trade represents a 19.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Stephen T. Higgins sold 28,423 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $47.99, for a total transaction of $1,364,019.77. Following the sale, the chief accounting officer directly owned 105,294 shares in the company, valued at $5,053,059.06. The trade was a 21.26% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.75% of the company’s stock.

Analyst Ratings Changes

FCX has been the topic of a number of recent analyst reports. BNP Paribas Exane cut their price target on shares of Freeport-McMoRan from $58.00 to $56.00 and set an “outperform” rating on the stock in a report on Friday, December 5th. Morgan Stanley cut their target price on Freeport-McMoRan from $46.00 to $44.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 19th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a report on Wednesday, November 26th. Dbs Bank dropped their price objective on Freeport-McMoRan from $51.00 to $48.00 in a report on Thursday, October 2nd. Finally, JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $50.00 to $58.00 and gave the stock an “overweight” rating in a research report on Friday, December 5th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $48.30.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $47.41 on Friday. The stock’s 50 day simple moving average is $41.92 and its two-hundred day simple moving average is $42.45. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. The stock has a market cap of $68.08 billion, a price-to-earnings ratio of 33.39, a PEG ratio of 1.07 and a beta of 1.49. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $49.12.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.09. The firm had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.74 billion. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The business’s revenue was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.38 EPS. As a group, analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.3%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.13%.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.