Nwam LLC Buys 33,429 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Nwam LLC increased its Freeport-McMoRan stake by 80.7% in the fourth quarter, adding 33,429 shares to bring its total holdings to 74,837 shares worth about $3.8 million.
• Freeport-McMoRan reported stronger-than-expected quarterly results, posting $0.57 EPS on $6.23 billion in revenue, both above analyst estimates. Revenue rose 8.8% year over year.
• Despite mixed analyst moves, the stock has broad support: the consensus rating is Moderate Buy with an average price target of $65.14, while the shares recently traded around $61.65.

Nwam LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 80.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 74,837 shares of the natural resource company's stock after acquiring an additional 33,429 shares during the quarter. Nwam LLC's holdings in Freeport-McMoRan were worth $3,801,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. KBC Group NV boosted its stake in Freeport-McMoRan by 49.0% during the 4th quarter. KBC Group NV now owns 221,838 shares of the natural resource company's stock valued at $11,267,000 after purchasing an additional 73,002 shares during the period. Great Lakes Advisors LLC boosted its stake in Freeport-McMoRan by 8.0% during the 3rd quarter. Great Lakes Advisors LLC now owns 1,551,258 shares of the natural resource company's stock valued at $60,840,000 after purchasing an additional 115,285 shares during the period. Summit Global Investments boosted its stake in Freeport-McMoRan by 278.4% during the 3rd quarter. Summit Global Investments now owns 46,157 shares of the natural resource company's stock valued at $1,810,000 after purchasing an additional 33,959 shares during the period. Wellington Management Group LLP boosted its stake in Freeport-McMoRan by 190.9% during the 3rd 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 purchasing an additional 23,950,557 shares during the period. Finally, Campbell & CO Investment Adviser LLC bought a new stake in Freeport-McMoRan during the 3rd quarter valued at approximately $1,066,000. Institutional investors own 80.77% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Wall Street Zen downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Saturday, February 14th. The Goldman Sachs Group cut their price target on Freeport-McMoRan from $70.00 to $68.00 and set a "buy" rating for the company in a report on Friday, April 24th. Scotiabank cut their price target on Freeport-McMoRan from $71.00 to $67.00 and set a "sector perform" rating for the company in a report on Friday, April 24th. HSBC upped their price target on Freeport-McMoRan from $69.00 to $72.00 and gave the company a "buy" rating in a report on Tuesday, April 14th. Finally, Bank of America upped their price target on Freeport-McMoRan from $68.00 to $81.00 and gave the company a "buy" rating in a report on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $65.14.

Freeport-McMoRan Trading Up 1.7%

Freeport-McMoRan stock opened at $61.65 on Friday. The business has a 50 day moving average price of $61.79 and a two-hundred day moving average price of $54.79. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The stock has a market cap of $88.60 billion, a price-to-earnings ratio of 32.79, a price-to-earnings-growth ratio of 0.74 and a beta of 1.32. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $70.96.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.47 by $0.10. The firm had revenue of $6.23 billion during 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 company's revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.24 EPS. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Announces Dividend

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

Trending Headlines about Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: Zacks Research lifted earnings estimates for multiple future periods, signaling a stronger profit outlook for Freeport-McMoRan.
• Positive Sentiment: Reports that the Grasberg mine may return to full production in 2028 support the longer-term copper production story for FCX.
• Neutral Sentiment: The stock’s recent six-month gain reflects stronger copper prices and earnings, but this move may already reflect much of the optimism. Article Title
• Negative Sentiment: Higher costs and softer production volumes could pressure near-term results and limit upside in FCX shares. Article Title

Insiders Place Their Bets

In other news, Chairman Richard C. Adkerson sold 248,031 shares of the stock in a transaction that occurred on 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 directly owned 3,509,119 shares of the company's stock, valued at approximately $220,372,673.20. This represents a 6.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Douglas N. Currault II sold 75,000 shares of the firm's stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $64.52, for a total value of $4,839,000.00. Following the sale, the executive vice president directly owned 219,181 shares of the company's stock, valued at $14,141,558.12. This represents a 25.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 565,145 shares of company stock worth $35,839,918 in the last 90 days. 0.75% of the stock is owned by corporate insiders.

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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