Commonwealth Bank of Australia Sells 99,600 Shares of Freeport-McMoran, Inc. (FCX)

Commonwealth Bank of Australia decreased its stake in Freeport-McMoran, Inc. (NYSE:FCX) by 52.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 89,800 shares of the natural resource company’s stock after selling 99,600 shares during the period. Commonwealth Bank of Australia’s holdings in Freeport-McMoran were worth $1,255,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of FCX. Vanguard Group Inc. boosted its stake in shares of Freeport-McMoran by 4.9% in the 2nd quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock valued at $1,675,425,000 after purchasing an additional 6,510,840 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Freeport-McMoran by 18.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 24,292,902 shares of the natural resource company’s stock valued at $341,073,000 after purchasing an additional 3,724,271 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Freeport-McMoran by 8.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 11,521,016 shares of the natural resource company’s stock valued at $138,385,000 after purchasing an additional 944,896 shares in the last quarter. TIAA CREF Investment Management LLC boosted its stake in shares of Freeport-McMoran by 18.8% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 8,810,911 shares of the natural resource company’s stock valued at $105,819,000 after purchasing an additional 1,391,459 shares in the last quarter. Finally, BT Investment Management Ltd boosted its stake in shares of Freeport-McMoran by 6.4% in the 3rd quarter. BT Investment Management Ltd now owns 8,402,905 shares of the natural resource company’s stock valued at $118,048,000 after purchasing an additional 507,722 shares in the last quarter. 68.12% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoran, Inc. (NYSE FCX) traded down $0.19 during trading hours on Wednesday, hitting $14.11. 19,535,100 shares of the stock traded hands, compared to its average volume of 21,046,389. Freeport-McMoran, Inc. has a 12-month low of $11.05 and a 12-month high of $17.06. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.32 and a current ratio of 2.02. The stock has a market cap of $20,700.54, a PE ratio of 15.71 and a beta of 2.56.

Freeport-McMoran (NYSE:FCX) last posted its earnings results on Wednesday, October 25th. The natural resource company reported $0.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.03. Freeport-McMoran had a net margin of 6.20% and a return on equity of 13.35%. The firm had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.06 billion. During the same period last year, the company posted $0.13 EPS. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. equities research analysts expect that Freeport-McMoran, Inc. will post 1.07 earnings per share for the current fiscal year.

A number of equities research analysts have recently issued reports on the stock. Macquarie assumed coverage on shares of Freeport-McMoran in a research note on Thursday, September 7th. They issued a “neutral” rating and a $16.00 price objective for the company. FBR & Co reaffirmed a “neutral” rating and issued a $12.00 price objective (down previously from $13.00) on shares of Freeport-McMoran in a research note on Thursday, September 14th. Jefferies Group set a $18.00 price objective on shares of Freeport-McMoran and gave the company a “buy” rating in a research note on Monday, August 28th. UBS upped their price objective on shares of Freeport-McMoran from $13.50 to $14.00 and gave the company a “neutral” rating in a research note on Monday, October 30th. Finally, Zacks Investment Research cut shares of Freeport-McMoran from a “buy” rating to a “hold” rating in a research note on Monday, November 13th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Freeport-McMoran has an average rating of “Hold” and an average target price of $15.57.

In related news, COO Harry M. Iv Conger bought 36,180 shares of the company’s stock in a transaction dated Thursday, September 7th. The stock was purchased at an average cost of $15.23 per share, with a total value of $551,021.40. Following the transaction, the chief operating officer now owns 73,943 shares in the company, valued at approximately $1,126,151.89. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.29% of the company’s stock.

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About Freeport-McMoran

Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.

Institutional Ownership by Quarter for Freeport-McMoran (NYSE:FCX)

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