40,693 Shares in Freeport-McMoRan Inc. $FCX Purchased by Addison Capital Co

Key Points

• Addison Capital Co. opened a new position in Freeport‑McMoRan (NYSE:FCX) in Q4 by purchasing 40,693 shares, valued at approximately $2.07 million.
• Freeport‑McMoRan's most recent quarter beat expectations with $0.57 EPS versus $0.47 expected and revenue of $6.23 billion, up 8.8% year‑over‑year.
• Company insiders have been net sellers, disposing of 565,145 shares worth about $35.84 million in the last quarter, including a 248,031‑share sale by the chairman.

Addison Capital Co bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 40,693 shares of the natural resource company's stock, valued at approximately $2,067,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Steigerwald Gordon & Koch Inc. bought a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at about $25,000. Salomon & Ludwin LLC lifted its stake in shares of Freeport-McMoRan by 1,962.9% in the 3rd quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company's stock valued at $29,000 after acquiring an additional 687 shares during the last quarter. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter valued at about $38,000. JPL Wealth Management LLC bought a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at about $33,000. Finally, Laurel Wealth Advisors LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter valued at about $43,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Down 2.0%

FCX stock opened at $56.64 on Friday. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $70.96. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The firm has a market cap of $81.40 billion, a PE ratio of 30.13, a price-to-earnings-growth ratio of 0.69 and a beta of 1.32. The business has a 50 day moving average of $62.16 and a 200 day moving average of $54.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same quarter last year, the company earned $0.24 EPS. The firm's revenue for the quarter was up 8.8% on a year-over-year basis. On average, research analysts forecast that Freeport-McMoRan Inc. will post 2.55 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan's dividend payout ratio (DPR) is 15.96%.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 11,000 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total transaction of $682,330.00. Following the sale, the chief accounting officer directly owned 40,773 shares in the company, valued at approximately $2,529,149.19. This trade represents a 21.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Richard C. Adkerson sold 248,031 shares of the stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $62.80, for a total value of $15,576,346.80. Following the sale, the chairman owned 3,509,119 shares in the company, valued at approximately $220,372,673.20. This represents a 6.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 565,145 shares of company stock worth $35,839,918 over the last quarter. 0.75% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Citigroup boosted their target price on Freeport-McMoRan from $48.00 to $67.00 and gave the company a "buy" rating in a research note on Monday, January 12th. Sanford C. Bernstein lowered their price target on Freeport-McMoRan from $54.00 to $53.50 and set a "market perform" rating for the company in a research report on Friday, April 24th. The Goldman Sachs Group lowered their price target on Freeport-McMoRan from $70.00 to $68.00 and set a "buy" rating for the company in a research report on Friday, April 24th. Jefferies Financial Group set a $75.00 price target on Freeport-McMoRan in a research report on Thursday, April 23rd. Finally, Freedom Capital raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Saturday, February 21st. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of "Moderate Buy" and a consensus price target of $65.19.

About Freeport-McMoRan

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.

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