Maxi Investments CY Ltd Makes New $1.29 Million Investment in Freeport-McMoRan Inc. $FCX

Key Points

• Maxi Investments CY Ltd initiated a new position of 32,800 shares in Freeport‑McMoRan (NYSE:FCX) during Q3, valued at approximately $1.29 million.
• Insiders have been selling: Chairman Richard C. Adkerson sold 248,031 shares (~$15.6M) and total insider sales over the last quarter amounted to 565,145 shares (~$35.8M).
• Freeport beat quarterly expectations (EPS $0.47 vs. $0.28; revenue $5.63B vs. $5.42B) but cut its quarterly dividend to $0.075, and analysts hold a consensus Moderate Buy with an average target of $62.59.

Maxi Investments CY Ltd bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 32,800 shares of the natural resource company's stock, valued at approximately $1,286,000.

Several other institutional investors have also made changes to their positions in the stock. Portside Wealth Group LLC increased its stake in Freeport-McMoRan by 0.8% during the 2nd quarter. Portside Wealth Group LLC now owns 30,333 shares of the natural resource company's stock worth $1,315,000 after acquiring an additional 245 shares during the period. Hollencrest Capital Management lifted its position in shares of Freeport-McMoRan by 0.6% during the 2nd quarter. Hollencrest Capital Management now owns 45,133 shares of the natural resource company's stock valued at $1,957,000 after acquiring an additional 250 shares during the period. Benjamin Edwards Inc. lifted its position in shares of Freeport-McMoRan by 0.6% during the 3rd quarter. Benjamin Edwards Inc. now owns 45,095 shares of the natural resource company's stock valued at $1,769,000 after acquiring an additional 250 shares during the period. Waterloo Capital L.P. grew its stake in Freeport-McMoRan by 3.9% during the second quarter. Waterloo Capital L.P. now owns 6,658 shares of the natural resource company's stock worth $289,000 after buying an additional 251 shares in the last quarter. Finally, Mengis Capital Management Inc. increased its holdings in Freeport-McMoRan by 0.7% in the 3rd quarter. Mengis Capital Management Inc. now owns 34,404 shares of the natural resource company's stock valued at $1,349,000 after buying an additional 251 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $57.89 on Tuesday. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $69.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.29 and a quick ratio of 1.05. The company has a market cap of $83.20 billion, a price-to-earnings ratio of 38.34, a PEG ratio of 0.66 and a beta of 1.41. The firm has a 50 day simple moving average of $61.73 and a 200 day simple moving average of $50.08.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates 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 revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.31 earnings per share. Research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

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

Insiders Place Their Bets

In other Freeport-McMoRan news, Chairman Richard C. Adkerson sold 248,031 shares of the company's stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $62.80, for a total value of $15,576,346.80. Following the completion of the transaction, the chairman owned 3,509,119 shares of the company's stock, valued at $220,372,673.20. This represents a 6.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Stephen T. Higgins sold 29,654 shares of the stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $63.00, for a total value of $1,868,202.00. Following the completion of the transaction, the chief accounting officer owned 76,445 shares of the company's stock, valued at $4,816,035. This represents a 27.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 565,145 shares of company stock worth $35,839,918. Company insiders own 0.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on FCX shares. Jefferies Financial Group boosted their target price on shares of Freeport-McMoRan from $68.00 to $76.00 and gave the company a "buy" rating in a research report on Tuesday, February 17th. JPMorgan Chase & Co. lifted their price objective on shares of Freeport-McMoRan from $58.00 to $68.00 and gave the company an "overweight" rating in a research note on Thursday, January 8th. Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Freeport-McMoRan in a research report on Wednesday, November 26th. Scotiabank upped their target price on Freeport-McMoRan from $70.00 to $72.00 and gave the stock an "outperform" rating in a research note on Thursday, February 19th. Finally, Wells Fargo & Company raised their target price on Freeport-McMoRan from $55.00 to $64.00 and gave the company an "overweight" rating in a report on Tuesday, January 13th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and an average price target of $62.59.

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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