Freeport-McMoRan Inc. $FCX Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,557,621 shares of the natural resource company’s stock after selling 115,068 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Freeport-McMoRan were worth $178,750,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of Freeport-McMoRan in the second quarter worth $28,000. Beacon Capital Management LLC boosted its holdings in Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 327 shares during the last quarter. CKW Financial Group purchased a new stake in Freeport-McMoRan in the first quarter valued at $40,000. Hilltop National Bank acquired a new stake in Freeport-McMoRan during the 2nd quarter worth about $43,000. Finally, NewSquare Capital LLC raised its stake in shares of Freeport-McMoRan by 74.9% during the 2nd quarter. NewSquare Capital LLC now owns 1,002 shares of the natural resource company’s stock valued at $43,000 after buying an additional 429 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Up 0.1%

Shares of NYSE:FCX opened at $47.55 on Wednesday. The business’s 50 day moving average price is $42.20 and its 200-day moving average price is $42.60. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $49.12. The firm has a market capitalization of $68.27 billion, a price-to-earnings ratio of 33.48, a price-to-earnings-growth ratio of 1.07 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19.

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

Freeport-McMoRan Announces Dividend

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

Analyst Ratings Changes

FCX has been the topic of a number of recent research reports. Hsbc Global Res upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 16th. Morgan Stanley reissued an “overweight” rating and issued a $53.00 price target on shares of Freeport-McMoRan in a report on Monday. BMO Capital Markets raised their price objective on shares of Freeport-McMoRan from $47.00 to $55.00 and gave the stock an “outperform” rating in a research note on Tuesday. Dbs Bank cut their target price on shares of Freeport-McMoRan from $51.00 to $48.00 in a report on Thursday, October 2nd. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a research note on Wednesday, November 26th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $49.11.

Insider Activity

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 9,572 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $47.66, for a total transaction of $456,201.52. Following the completion of the sale, the chief accounting officer directly owned 38,761 shares in the company, valued at approximately $1,847,349.26. The trade was a 19.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Stephen T. Higgins sold 28,423 shares of the stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $47.99, for a total value of $1,364,019.77. Following the transaction, the chief accounting officer directly owned 105,294 shares of the company’s stock, valued at $5,053,059.06. The trade was a 21.26% decrease in their position. The SEC filing for this sale provides additional information. 0.79% of the stock is owned by corporate insiders.

Freeport-McMoRan Company Profile

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.