Freeport-McMoRan Inc. $FCX Shares Acquired by Varma Mutual Pension Insurance Co

Key Points

• Varma Mutual Pension Insurance Co. increased its Freeport-McMoRan stake by 12.5%, purchasing 44,800 additional shares for a total holding of 404,167 shares valued at approximately $25.4 million. Institutional investors collectively own 80.77% of FCX.
• Freeport-McMoRan reported quarterly earnings of $0.74 per share, exceeding the $0.62 analyst consensus, while revenue reached $7.03 billion versus expectations of $6.62 billion. The company also paid a quarterly dividend of $0.075 per share, representing a 0.4% yield.
• FCX shares opened at $76.68, near their 52-week high of $77.33. Analysts maintain a “Moderate Buy” consensus with a $70.27 average price target, while insiders sold 26,600 shares worth about $1.8 million during the quarter.

Varma Mutual Pension Insurance Co raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 12.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 404,167 shares of the natural resource company's stock after purchasing an additional 44,800 shares during the period. Varma Mutual Pension Insurance Co's holdings in Freeport-McMoRan were worth $25,418,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC grew its stake in Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock worth $564,000 after buying an additional 2,882 shares during the last quarter. Bison Wealth LLC increased its position in Freeport-McMoRan by 5.6% during the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company's stock valued at $366,000 after buying an additional 507 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in Freeport-McMoRan in the second quarter valued at about $560,000. Brown Advisory Inc. raised its stake in Freeport-McMoRan by 27.0% in the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company's stock valued at $539,000 after buying an additional 2,648 shares during the last quarter. Finally, Jump Financial LLC boosted its holdings in Freeport-McMoRan by 42.7% in the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company's stock worth $2,172,000 after acquiring an additional 14,992 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $76.68 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The stock has a 50-day moving average of $64.55 and a two-hundred day moving average of $63.42. The stock has a market cap of $110.11 billion, a P/E ratio of 37.77, a P/E/G ratio of 0.76 and a beta of 1.37. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $77.33.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. During the same period in the prior year, the company earned $0.54 earnings per share. The company's revenue was down 7.3% on a year-over-year basis. As a group, research analysts predict that Freeport-McMoRan Inc. will post 2.79 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were given a $0.075 dividend. The ex-dividend date was Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Freeport-McMoRan's dividend payout ratio is currently 14.78%.

Insider Buying and Selling

In related news, CAO Stephen T. Higgins sold 14,277 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the transaction, the chief accounting officer owned 54,618 shares in the company, valued at approximately $3,795,951. This represents a 20.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Ellie L. Mikes sold 4,773 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the transaction, the chief accounting officer owned 36,000 shares in the company, valued at approximately $2,520,000. This trade represents a 11.71% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 26,600 shares of company stock worth $1,802,012. 0.73% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Royal Bank Of Canada boosted their price target on Freeport-McMoRan from $70.00 to $73.00 and gave the stock a "sector perform" rating in a research note on Friday, July 24th. The Goldman Sachs Group decreased their price objective on shares of Freeport-McMoRan from $75.00 to $74.00 and set a "buy" rating for the company in a research report on Wednesday, July 8th. BNP Paribas Exane lifted their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the stock an "outperform" rating in a research note on Thursday, June 18th. HSBC lifted their target price on shares of Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. Finally, Wall Street Zen lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Freeport-McMoRan has an average rating of "Moderate Buy" and a consensus target price of $70.27.

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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