BOCHK Asset Management Ltd Acquires 46,500 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• BOCHK Asset Management initiated a position in Freeport-McMoRan by purchasing 46,500 shares valued at approximately $3.26 million. Institutional investors collectively own 80.77% of the company.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $75.30, though some firms recently lowered their targets.
• Freeport-McMoRan exceeded quarterly expectations, reporting $0.88 in adjusted EPS and $7.55 billion in revenue. The company also declared a quarterly dividend of $0.075 per share, equivalent to a 0.5% annual yield.

BOCHK Asset Management Ltd bought a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 46,500 shares of the natural resource company's stock, valued at approximately $3,255,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Greenfield Seitz Capital Management LLC boosted its stake in shares of Freeport-McMoRan by 17.8% during the third quarter. Greenfield Seitz Capital Management LLC now owns 8,185 shares of the natural resource company's stock valued at $573,000 after purchasing an additional 1,235 shares during the period. Signature Equity Partners LLC grew its holdings in shares of Freeport-McMoRan by 511.4% in the third quarter. Signature Equity Partners LLC now owns 3,870 shares of the natural resource company's stock worth $271,000 after purchasing an additional 3,237 shares during the last quarter. Welch Group LLC bought a new position in shares of Freeport-McMoRan in the third quarter worth about $254,000. Traynor Capital Management Inc. increased its stake in Freeport-McMoRan by 5.1% in the 3rd quarter. Traynor Capital Management Inc. now owns 340,261 shares of the natural resource company's stock worth $23,818,000 after buying an additional 16,455 shares during the period. Finally, Virtue Capital Management LLC increased its stake in Freeport-McMoRan by 16.7% in the 3rd quarter. Virtue Capital Management LLC now owns 4,972 shares of the natural resource company's stock worth $348,000 after buying an additional 712 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Douglas N. Currault II sold 80,000 shares of the firm's stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the sale, the executive vice president owned 211,016 shares of the company's stock, valued at $16,577,416.96. This trade represents a 27.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Ellie L. Mikes sold 4,773 shares of Freeport-McMoRan stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of the transaction, the chief accounting officer owned 36,000 shares in the company, valued at $2,520,000. This trade represents a 11.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 102,848 shares of company stock valued at $7,911,621. Company insiders own 0.73% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Royal Bank Of Canada boosted their price target on Freeport-McMoRan from $73.00 to $85.00 and gave the company a "sector perform" rating in a report on Wednesday, September 16th. The Goldman Sachs Group restated a "buy" rating on shares of Freeport-McMoRan in a report on Thursday, September 10th. Wells Fargo & Company dropped their price target on Freeport-McMoRan from $87.00 to $79.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 28th. Citigroup lifted their price objective on Freeport-McMoRan from $66.00 to $84.00 and gave the company a "buy" rating in a report on Monday, October 5th. Finally, UBS Group dropped their target price on shares of Freeport-McMoRan from $88.00 to $85.00 and set a "buy" rating on the stock in a report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and an average price target of $75.30.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $62.88 on Tuesday. The firm has a 50 day moving average of $71.32 and a 200 day moving average of $65.26. The company has a quick ratio of 0.92, a current ratio of 2.02 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $90.30 billion, a price-to-earnings ratio of 26.42, a price-to-earnings-growth ratio of 0.59 and a beta of 1.39. Freeport-McMoRan Inc. has a 52 week low of $38.54 and a 52 week high of $80.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Tuesday, October 27th. The natural resource company reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.06. The business had revenue of $7.55 billion for the quarter, compared to analysts' expectations of $7.36 billion. Freeport-McMoRan had a return on equity of 12.09% and a net margin of 13.03%. The business's revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.50 EPS. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 3.04 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th were given a $0.0750 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Thursday, October 15th. Freeport-McMoRan's payout ratio is presently 12.61%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc NYSE: FCX is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.

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