Nykredit A S Takes $10.65 Million Position in Freeport-McMoRan Inc. $FCX

Key Points

• Nykredit A/S acquired 169,294 shares of Freeport-McMoRan during the second quarter, establishing a position valued at approximately $10.65 million. Institutional investors collectively own 80.77% of the company.
• Analyst sentiment remains positive, with one Strong Buy, 20 Buy and four Hold ratings, producing a consensus “Moderate Buy” rating and an average price target of $70.27.
• Freeport-McMoRan exceeded quarterly expectations, reporting $0.74 in earnings per share versus the $0.62 consensus estimate and $7.03 billion in revenue, while declaring a quarterly dividend of $0.075 per share.

Nykredit A S purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 169,294 shares of the natural resource company's stock, valued at approximately $10,647,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth $25,000. Steph & Co. boosted its holdings in Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company's stock worth $29,000 after buying an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in Freeport-McMoRan during the first quarter worth about $29,000. Kemnay Advisory Services Inc. purchased a new position in Freeport-McMoRan in the fourth quarter valued at about $29,000. Finally, SHP Wealth Management acquired a new stake in shares of Freeport-McMoRan during the 4th quarter valued at approximately $30,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Erste Group Bank assumed coverage on Freeport-McMoRan in a report on Thursday, August 27th. They issued a "buy" rating on the stock. Scotiabank boosted their price objective on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a "sector outperform" rating in a research report on Monday, June 15th. BNP Paribas Exane lifted their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the stock an "outperform" rating in a research report on Thursday, June 18th. Morgan Stanley increased their price target on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 8th. Finally, Freedom Broker lowered Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $70.27.

Freeport-McMoRan Stock Up 0.1%

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

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

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were issued 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 dividend payout ratio (DPR) is 14.78%.

Insider Activity at Freeport-McMoRan

In related news, CAO Stephen T. Higgins sold 14,277 shares of Freeport-McMoRan stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total value of $992,251.50. Following the transaction, the chief accounting officer owned 54,618 shares in the company, valued at approximately $3,795,951. This trade represents a 20.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lydia H. Kennard sold 3,798 shares of the business's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $79.11, for a total value of $300,459.78. Following the sale, the director directly owned 122,702 shares of the company's stock, valued at approximately $9,706,955.22. This trade represents a 3.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 110,398 shares of company stock valued at $8,387,271 over the last quarter. 0.73% of the stock is currently owned by corporate insiders.

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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