Nan Shan Life Insurance Co. Ltd. Grows Holdings in Freeport-McMoRan Inc. $FCX

Key Points

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Nan Shan Life Insurance Co. Ltd. boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 32.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,167,458 shares of the natural resource company's stock after acquiring an additional 534,888 shares during the period. Freeport-McMoRan accounts for about 1.9% of Nan Shan Life Insurance Co. Ltd.'s holdings, making the stock its 12th biggest position. Nan Shan Life Insurance Co. Ltd. owned about 0.15% of Freeport-McMoRan worth $82,060,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Coppell Advisory Solutions LLC raised its position in Freeport-McMoRan by 47.4% in the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock worth $32,000 after acquiring an additional 268 shares during the period. City Holding Co. bought a new stake in shares of Freeport-McMoRan in the first quarter valued at approximately $33,000. Bernard Wealth Management Corp. bought a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $35,000. Dagco Inc. bought a new stake in shares of Freeport-McMoRan in the first quarter valued at approximately $37,000. Finally, Greykasell Wealth Strategies Inc. bought a new stake in shares of Freeport-McMoRan in the first quarter valued at approximately $42,000. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

NYSE:FCX traded up $1.52 during mid-day trading on Friday, hitting $43.24. 10,819,626 shares of the stock traded hands, compared to its average volume of 15,287,120. The business's 50-day moving average price is $43.04 and its 200 day moving average price is $39.42. The company has a market cap of $62.08 billion, a PE ratio of 32.76, a price-to-earnings-growth ratio of 0.79 and a beta of 1.63. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.45 by $0.09. The company had revenue of $7.58 billion during the quarter, compared to analysts' expectations of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. Freeport-McMoRan's revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.46 earnings per share. On average, analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.4%. Freeport-McMoRan's dividend payout ratio is currently 22.73%.

Insider Buying and Selling

In related news, CAO Ellie L. Mikes sold 8,584 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the transaction, the chief accounting officer owned 48,333 shares of the company's stock, valued at approximately $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.75% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Bank of America reissued a "neutral" rating and issued a $56.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. Wall Street Zen raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Royal Bank Of Canada boosted their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Jefferies Financial Group reissued a "buy" rating and issued a $50.00 price target (up previously from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, Stifel Canada raised shares of Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $51.00.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.