NEOS Investment Management LLC Purchases 27,763 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• NEOS Investment Management increased its Freeport-McMoRan stake by 13.5%, purchasing 27,763 shares to bring its holdings to 233,938 shares valued at approximately $14.7 million. Institutional investors collectively own 80.77% of FCX.
• Freeport-McMoRan reported quarterly earnings of $0.74 per share, exceeding analysts’ $0.62 estimate, while revenue reached $7.03 billion. The company also pays a quarterly dividend of $0.075, equivalent to a 0.4% annual yield.
• Analysts maintain a favorable outlook, with one Strong Buy, 20 Buy, and four Hold ratings; the consensus rating is Moderate Buy. Recent price targets range as high as $85, while FCX recently traded near $72.66.

NEOS Investment Management LLC raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 13.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 233,938 shares of the natural resource company's stock after purchasing an additional 27,763 shares during the period. NEOS Investment Management LLC's holdings in Freeport-McMoRan were worth $14,712,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of FCX. Fifth Third Bancorp boosted its position in shares of Freeport-McMoRan by 34.5% in the 1st quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company's stock worth $62,478,000 after purchasing an additional 272,726 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in Freeport-McMoRan in the fourth quarter valued at about $8,857,000. Franklin Resources Inc. increased its holdings in Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company's stock valued at $1,897,202,000 after purchasing an additional 8,891,743 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Freeport-McMoRan by 205.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 317,429 shares of the natural resource company's stock valued at $16,122,000 after purchasing an additional 213,477 shares during the period. Finally, Applied Finance Capital Management LLC bought a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $868,000. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Stock Performance

FCX opened at $72.66 on Friday. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $80.24. The business has a 50 day moving average of $66.40 and a 200-day moving average of $64.37. The stock has a market cap of $104.34 billion, a price-to-earnings ratio of 35.79, a PEG ratio of 0.71 and a beta of 1.41.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.12. The business had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm's revenue was down 7.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.54 EPS. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 2.81 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Wednesday, July 15th. Freeport-McMoRan's payout ratio is presently 14.78%.

Analysts Set New Price Targets

FCX has been the topic of a number of recent analyst reports. Jefferies Financial Group lifted their price target on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, June 8th. Citigroup reissued a "positive" rating on shares of Freeport-McMoRan in a research note on Wednesday, July 15th. BMO Capital Markets reiterated an "outperform" rating and set a $78.00 target price on shares of Freeport-McMoRan in a report on Thursday, July 23rd. Wells Fargo & Company lifted their price target on Freeport-McMoRan from $68.00 to $70.00 and gave the company an "overweight" rating in a research note on Friday, July 24th. Finally, Barclays boosted their price target on Freeport-McMoRan from $80.00 to $82.00 and gave the company an "overweight" rating in a report on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.27.

Insider Buying and Selling at Freeport-McMoRan

In related news, EVP Douglas Currault, II sold 80,000 shares of the business's stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 211,016 shares in the company, valued at approximately $16,577,416.96. The trade was a 27.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Lydia Kennard sold 3,798 shares of the company's stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $79.11, for a total transaction of $300,459.78. Following the sale, the director directly owned 122,702 shares of the company's stock, valued at $9,706,955.22. This represents a 3.00% 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 valued at $8,387,271 in the last three months. Corporate insiders own 0.73% of the company's stock.

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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