776,626 Shares in Freeport-McMoRan Inc. $FCX Bought by PFA Pension Forsikringsaktieselskab

Key Points

• PFA Pension Forsikringsaktieselskab opened a new position in Freeport‑McMoRan in Q4, buying 776,626 shares valued at about $39.93 million, representing roughly 0.05% of the company.
• Freeport recently beat quarterly estimates with EPS of $0.57 versus $0.47 and revenue of $6.23 billion versus $5.73 billion, and declared a quarterly dividend of $0.075 (annualized $0.30, ~0.5% yield).
• About 80.8% of the stock is held by institutions while insiders have been net sellers (565,145 shares sold in the past 90 days, ~$35.8M); analysts’ consensus is a “Moderate Buy” with an average target of $65.14.

PFA Pension Forsikringsaktieselskab purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 776,626 shares of the natural resource company's stock, valued at approximately $39,926,000. PFA Pension Forsikringsaktieselskab owned 0.05% of Freeport-McMoRan as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Freeport-McMoRan by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company's stock worth $6,619,611,000 after acquiring an additional 1,572,769 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in Freeport-McMoRan by 1.4% in the third quarter. Fisher Asset Management LLC now owns 63,258,414 shares of the natural resource company's stock worth $2,480,995,000 after acquiring an additional 899,699 shares in the last quarter. State Street Corp boosted its holdings in Freeport-McMoRan by 1.1% in the third quarter. State Street Corp now owns 62,477,910 shares of the natural resource company's stock worth $2,450,384,000 after acquiring an additional 690,736 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Freeport-McMoRan by 190.9% in the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company's stock worth $1,431,326,000 after acquiring an additional 23,950,557 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Freeport-McMoRan by 2.1% in the third quarter. Bank of New York Mellon Corp now owns 21,671,223 shares of the natural resource company's stock worth $849,945,000 after acquiring an additional 435,963 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 2.0%

Shares of NYSE:FCX opened at $56.64 on Friday. The company has a market cap of $81.40 billion, a P/E ratio of 30.13, a PEG ratio of 0.68 and a beta of 1.32. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $70.96. The stock's fifty day moving average price is $62.16 and its 200-day moving average price is $54.32.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.47 by $0.10. The firm had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company's quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.24 earnings per share. Sell-side analysts expect that Freeport-McMoRan Inc. will post 2.52 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

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

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 11,000 shares of the company's stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total value of $682,330.00. Following the completion of the sale, the chief accounting officer owned 40,773 shares in the company, valued at $2,529,149.19. This represents a 21.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Maree E. Robertson sold 48,500 shares of the company's stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $61.55, for a total value of $2,985,175.00. Following the completion of the sale, the chief financial officer owned 79,894 shares of the company's stock, valued at approximately $4,917,475.70. The trade was a 37.77% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 565,145 shares of company stock valued at $35,839,918. 0.75% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Bank of America boosted their target price on Freeport-McMoRan from $68.00 to $81.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. Sanford C. Bernstein lowered their price target on Freeport-McMoRan from $54.00 to $53.50 and set a "market perform" rating on the stock in a report on Friday, April 24th. Raymond James Financial lowered their price target on Freeport-McMoRan from $72.00 to $68.00 and set an "outperform" rating on the stock in a report on Friday, April 24th. Scotiabank lowered their price target on Freeport-McMoRan from $71.00 to $67.00 and set a "sector perform" rating on the stock in a report on Friday, April 24th. Finally, Freedom Capital raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Saturday, February 21st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $65.14.

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.

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