Freeport-McMoRan Inc. $FCX Shares Purchased by Nan Shan Life Insurance Co. Ltd.

Key Points

• Nan Shan Life Insurance increased its Freeport-McMoRan position by 692.2% in the second quarter, purchasing 342,258 additional shares for a total holding of 391,700 shares valued at approximately $24.6 million. Institutional investors collectively own 80.77% of FCX.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy”; several firms raised their price targets, while the average target stands at $70.27.
• Freeport-McMoRan reported quarterly EPS of $0.74, exceeding estimates of $0.62, and revenue of $7.03 billion. However, insiders sold 110,398 shares worth $8.39 million during the last quarter, and the company’s shares were trading down 4.4%.

Nan Shan Life Insurance Co. Ltd. increased its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 692.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 391,700 shares of the natural resource company's stock after purchasing an additional 342,258 shares during the quarter. Nan Shan Life Insurance Co. Ltd.'s holdings in Freeport-McMoRan were worth $24,634,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL purchased a new position in Freeport-McMoRan in the 4th quarter valued at about $25,000. Steph & Co. raised its position in shares of Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company's stock valued at $29,000 after purchasing an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC purchased a new position in shares of Freeport-McMoRan during the 1st quarter valued at approximately $29,000. Kemnay Advisory Services Inc. purchased a new position in shares of Freeport-McMoRan during the 4th quarter valued at approximately $29,000. Finally, SHP Wealth Management acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $30,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Insider Activity

In related news, CAO Stephen T. Higgins sold 14,277 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total value of $992,251.50. Following the sale, the chief accounting officer directly owned 54,618 shares in the company, valued at $3,795,951. This trade represents a 20.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Douglas N. Currault II sold 80,000 shares of the business's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total value of $6,284,800.00. Following the transaction, 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 position. The SEC filing for this sale provides additional information. Insiders have sold a total of 110,398 shares of company stock worth $8,387,271 in the last quarter. Company insiders own 0.73% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on FCX. HSBC raised their price objective on shares of Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Jefferies Financial Group upped their price objective on Freeport-McMoRan from $75.00 to $85.00 and gave the company a "buy" rating in a research note on Monday, June 8th. Weiss Ratings raised Freeport-McMoRan from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, July 31st. Bank of America upped their price target on Freeport-McMoRan from $74.00 to $80.00 and gave the company a "buy" rating in a research report on Thursday, July 9th. Finally, Barclays raised their price objective on Freeport-McMoRan from $80.00 to $82.00 and gave the stock an "overweight" rating in a research note on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and an average price target of $70.27.

Freeport-McMoRan Trading Down 4.4%

Shares of NYSE FCX opened at $72.42 on Wednesday. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $80.24. The company has a market cap of $104.00 billion, a price-to-earnings ratio of 35.68, a price-to-earnings-growth ratio of 0.74 and a beta of 1.40. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The stock's 50 day simple moving average is $65.75 and its 200 day simple moving average is $64.15.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping 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 firm had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. During the same period in the prior year, the business earned $0.54 EPS. The firm's revenue was down 7.3% on a year-over-year basis. Equities research analysts expect that Freeport-McMoRan Inc. will post 2.81 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Shareholders 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 annualized dividend and a yield of 0.4%. Freeport-McMoRan's dividend payout ratio is 14.78%.

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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