Horizon Investments LLC Purchases 128,219 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Horizon Investments LLC boosted its stake in Freeport‑McMoRan by 88.4%, buying 128,219 shares to hold 273,237 shares valued at $13,842,000 in the latest 13F filing.
• Insiders have been net sellers, disposing of 565,145 shares worth $35,839,918 over the past 90 days (including EVP Douglas Currault II's 75,000‑share sale); insiders now own 0.75% of the company.
• Company fundamentals: Freeport‑McMoRan beat expectations with Q EPS of $0.57 (vs. $0.47) and $6.23B revenue, has a market cap of $81.4B, pays a $0.075 quarterly dividend (0.5% yield), and holds a "Moderate Buy" consensus with a $65.19 target.

Horizon Investments LLC grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 88.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 273,237 shares of the natural resource company's stock after acquiring an additional 128,219 shares during the quarter. Horizon Investments LLC's holdings in Freeport-McMoRan were worth $13,842,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Freeport-McMoRan by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company's stock worth $6,619,611,000 after purchasing an additional 1,572,769 shares in the last quarter. Fisher Asset Management LLC raised its position in shares of 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 valued at $2,480,995,000 after buying an additional 899,699 shares in the last quarter. State Street Corp boosted its stake in shares of 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 valued at $2,450,384,000 after buying an additional 690,736 shares during the period. Wellington Management Group LLP boosted its stake in shares of 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 valued at $1,431,326,000 after buying an additional 23,950,557 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Freeport-McMoRan by 2.1% during 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 buying an additional 435,963 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Douglas N. Currault II sold 75,000 shares of the company's stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $64.52, for a total transaction of $4,839,000.00. Following the completion of the transaction, the executive vice president directly owned 219,181 shares in the company, valued at approximately $14,141,558.12. This represents a 25.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Ellie L. Mikes sold 11,000 shares of the stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $62.03, for a total value of $682,330.00. Following the completion of the transaction, the chief accounting officer owned 40,773 shares of the company's stock, valued at $2,529,149.19. The trade was a 21.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 565,145 shares of company stock worth $35,839,918 over the last 90 days. Insiders own 0.75% of the company's stock.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $56.64 on Friday. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $70.96. The company has a market cap of $81.40 billion, a P/E ratio of 30.13, a P/E/G ratio of 0.69 and a beta of 1.32. The business has a fifty day simple moving average of $62.16 and a 200 day simple moving average of $54.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its 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 analysts' expectations of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business's revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.24 earnings per share. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.55 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Analyst Ratings Changes

FCX has been the subject of several analyst reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Freeport-McMoRan in a report on Tuesday, April 21st. Raymond James Financial reduced their target price on Freeport-McMoRan from $72.00 to $68.00 and set an "outperform" rating on the stock in a report on Friday, April 24th. Wells Fargo & Company decreased their price target on Freeport-McMoRan from $77.00 to $68.00 and set an "overweight" rating on the stock in a research report on Friday, April 24th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $66.00 price target (down from $70.00) on shares of Freeport-McMoRan in a research note on Friday, April 24th. Finally, Sanford C. Bernstein reduced their price objective on shares of Freeport-McMoRan from $54.00 to $53.50 and set a "market perform" rating on the stock in a research note on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of "Moderate Buy" and a consensus target price of $65.19.

About Freeport-McMoRan

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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