Freeport-McMoRan Inc. $FCX Shares Bought by Dynamic Technology Lab Private Ltd

Key Points

• Dynamic Technology Lab boosted its stake in Freeport-McMoRan by 426.3% in Q3 to 81,892 shares valued at $3.21 million, making FCX its 12th-largest holding (about 0.5% of assets).
• Significant insider selling occurred recently: the CAO sold 29,654 shares at $63 and the chairman sold 152,960 shares at $64.65, with insiders disposing of 603,140 shares (~$37.7M) in the past three months (insiders now own 0.75%).
• Freeport beat quarterly estimates (EPS $0.47 vs $0.28; revenue $5.63B vs $5.42B), recently paid a reduced quarterly dividend of $0.075 (annualized $0.30, ~0.5% yield), and holds an average analyst rating of "Moderate Buy" with an average target of $62.59 (some targets up to $76).

Dynamic Technology Lab Private Ltd lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 426.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 81,892 shares of the natural resource company's stock after purchasing an additional 66,331 shares during the quarter. Freeport-McMoRan accounts for approximately 0.5% of Dynamic Technology Lab Private Ltd's holdings, making the stock its 12th largest position. Dynamic Technology Lab Private Ltd's holdings in Freeport-McMoRan were worth $3,212,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brighton Jones LLC raised its position in shares of 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 in the last quarter. Bison Wealth LLC lifted its stake in shares of Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company's stock worth $366,000 after acquiring an additional 507 shares during the period. Sivia Capital Partners LLC bought a new position in shares of Freeport-McMoRan in the second quarter valued at approximately $560,000. Crestwood Advisors Group LLC bought a new position in shares of Freeport-McMoRan in the second quarter valued at approximately $212,000. Finally, Atlantic Union Bankshares Corp bought a new position in shares of Freeport-McMoRan in the second quarter valued at approximately $193,000. 80.77% of the stock is currently owned by institutional investors.

Insider Activity

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 29,654 shares of Freeport-McMoRan stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $63.00, for a total transaction of $1,868,202.00. Following the transaction, the chief accounting officer owned 76,445 shares of the company's stock, valued at $4,816,035. The trade was a 27.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Richard C. Adkerson sold 152,960 shares of the company's stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $64.65, for a total value of $9,888,864.00. Following the completion of the transaction, the chairman owned 3,356,159 shares in the company, valued at $216,975,679.35. This represents a 4.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 603,140 shares of company stock worth $37,660,139. Corporate insiders own 0.75% of the company's stock.

Freeport-McMoRan Stock Down 5.4%

Shares of NYSE:FCX opened at $59.29 on Friday. The firm has a 50 day simple moving average of $60.80 and a 200 day simple moving average of $49.34. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $69.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29. The company has a market cap of $85.21 billion, a PE ratio of 39.27, a price-to-earnings-growth ratio of 0.70 and a beta of 1.41.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.19. The firm had revenue of $5.63 billion for the quarter, compared to analysts' expectations of $5.42 billion. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The company's quarterly revenue was down 1.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.31 EPS. As a group, research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Thursday, January 15th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Thursday, January 15th. Freeport-McMoRan's dividend payout ratio is currently 19.87%.

Analysts Set New Price Targets

A number of research firms recently commented on FCX. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of Freeport-McMoRan in a research note on Wednesday, November 26th. Morgan Stanley set a $70.00 price target on Freeport-McMoRan in a research note on Tuesday, January 27th. Stifel Nicolaus lifted their price target on Freeport-McMoRan from $52.00 to $76.00 and gave the company a "buy" rating in a research report on Wednesday, February 11th. Freedom Capital raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Saturday, February 21st. Finally, Wall Street Zen lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Saturday, February 14th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $62.59.

Freeport-McMoRan Company 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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