Cinctive Capital Management LP Sells 201,790 Shares of Freeport-McMoRan Inc. $FCX

Cinctive Capital Management LP cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 86.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 31,976 shares of the natural resource company’s stock after selling 201,790 shares during the period. Cinctive Capital Management LP’s holdings in Freeport-McMoRan were worth $1,254,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Portside Wealth Group LLC boosted its holdings in Freeport-McMoRan by 0.8% in the second quarter. Portside Wealth Group LLC now owns 30,333 shares of the natural resource company’s stock valued at $1,315,000 after acquiring an additional 245 shares in the last quarter. Hollencrest Capital Management raised its holdings in Freeport-McMoRan by 0.6% in the 2nd quarter. Hollencrest Capital Management now owns 45,133 shares of the natural resource company’s stock worth $1,957,000 after purchasing an additional 250 shares in the last quarter. Benjamin Edwards Inc. raised its holdings in Freeport-McMoRan by 0.6% in the 3rd quarter. Benjamin Edwards Inc. now owns 45,095 shares of the natural resource company’s stock worth $1,769,000 after purchasing an additional 250 shares in the last quarter. Waterloo Capital L.P. lifted its position in shares of Freeport-McMoRan by 3.9% in the 2nd quarter. Waterloo Capital L.P. now owns 6,658 shares of the natural resource company’s stock worth $289,000 after purchasing an additional 251 shares during the period. Finally, Mengis Capital Management Inc. lifted its position in shares of Freeport-McMoRan by 0.7% in the 3rd quarter. Mengis Capital Management Inc. now owns 34,404 shares of the natural resource company’s stock worth $1,349,000 after purchasing an additional 251 shares during the period. Institutional investors own 80.77% of the company’s stock.

Insider Buying and Selling

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 29,654 shares of the firm’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $63.00, for a total transaction of $1,868,202.00. Following the completion of the sale, the chief accounting officer directly owned 76,445 shares in the company, valued at approximately $4,816,035. This trade represents a 27.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Maree E. Robertson sold 48,500 shares of Freeport-McMoRan stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $61.55, for a total transaction of $2,985,175.00. Following the completion of the transaction, the chief financial officer directly owned 79,894 shares of the company’s stock, valued at $4,917,475.70. This trade represents a 37.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 565,145 shares of company stock worth $35,839,918 over the last quarter. 0.79% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FCX. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a research report on Wednesday, November 26th. Argus upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Friday, February 13th. Jefferies Financial Group lifted their price objective on Freeport-McMoRan from $68.00 to $76.00 and gave the company a “buy” rating in a research report on Tuesday, February 17th. Scotiabank increased their target price on Freeport-McMoRan from $70.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, February 19th. Finally, Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $62.59.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $57.89 on Tuesday. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $69.75. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $83.20 billion, a P/E ratio of 38.34, a PEG ratio of 0.66 and a beta of 1.41. The stock’s 50 day moving average is $61.73 and its 200 day moving average is $50.08.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.19. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The business had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $5.42 billion. During the same quarter in the previous year, the business earned $0.31 earnings per share. The firm’s quarterly revenue was down 1.5% compared to the same quarter last year. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Thursday, January 15th were given a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Thursday, January 15th. Freeport-McMoRan’s payout ratio is currently 19.87%.

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.