North Dakota State Investment Board Invests $2.49 Million in Freeport-McMoRan Inc. $FCX

Key Points

• North Dakota State Investment Board initiated a new position in Freeport-McMoRan, buying 49,047 shares valued at about $2.49 million in the fourth quarter.
• Freeport-McMoRan reported better-than-expected Q1 earnings, posting $0.57 EPS versus $0.47 expected and revenue of $6.23 billion versus $5.73 billion estimated.
• Analysts remain broadly positive on FCX, with an average rating of “Moderate Buy” and an average price target of $65.14, while institutional investors hold 80.77% of the company’s stock.

North Dakota State Investment Board bought a new position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 49,047 shares of the natural resource company's stock, valued at approximately $2,491,000.

Several other large investors have also made changes to their positions in the company. Elyxium Wealth LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth about $45,000. Rossmore Private Capital grew its holdings in shares of Freeport-McMoRan by 18.9% in the 4th quarter. Rossmore Private Capital now owns 42,601 shares of the natural resource company's stock worth $2,164,000 after purchasing an additional 6,775 shares during the last quarter. United Bank bought a new stake in Freeport-McMoRan during the 4th quarter worth about $646,000. L & S Advisors Inc bought a new stake in Freeport-McMoRan during the 4th quarter worth about $3,569,000. Finally, Soltis Investment Advisors LLC grew its holdings in Freeport-McMoRan by 30.4% during the 4th quarter. Soltis Investment Advisors LLC now owns 15,433 shares of the natural resource company's stock worth $784,000 after acquiring an additional 3,598 shares during the last quarter. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $60.51 on Tuesday. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $70.96. The company has a market cap of $86.98 billion, a PE ratio of 32.18, a PEG ratio of 0.76 and a beta of 1.32. The company's 50-day moving average is $61.41 and its two-hundred day moving average is $55.92.

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 company had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company's revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.24 EPS. Equities analysts anticipate that Freeport-McMoRan Inc. will post 2.56 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages have commented on FCX. Wall Street Zen lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Saturday, February 14th. Bank of America increased their price objective on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Freeport-McMoRan in a report on Friday. Jefferies Financial Group set a $75.00 price objective on shares of Freeport-McMoRan in a report on Thursday, April 23rd. Finally, HSBC increased their price objective on shares of Freeport-McMoRan from $69.00 to $72.00 and gave the stock a "buy" rating in a report on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $65.14.

Insider Buying and Selling

In related news, CAO Stephen T. Higgins sold 29,654 shares of the stock in a transaction that occurred on 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 sale, the chief accounting officer directly owned 76,445 shares in the company, valued at $4,816,035. This trade represents a 27.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Ellie L. Mikes sold 11,000 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $62.03, for a total transaction of $682,330.00. Following the completion of the sale, the chief accounting officer owned 40,773 shares in the company, valued at $2,529,149.19. This represents a 21.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.79% 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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