Oxinas Partners LLC Makes New Investment in Freeport-McMoRan Inc. $FCX

Key Points

• Oxinas Partners LLC initiated a new stake in Freeport-McMoRan (NYSE:FCX) during Q4, buying 21,670 shares worth about $1.10 million.
• Institutional ownership is high (about 80.8%) with large position increases from firms like Wellington Management, and analysts hold a consensus "Moderate Buy" rating with an average price target of $66.26 while a few banks recently raised targets (e.g., Bank of America to $81, JPMorgan to $76).
• Freeport announced a quarterly dividend of $0.075 (annualized $0.30, yield ~0.4%), even as insiders have been selling recently—most notably the chairman sold 248,031 shares and insiders disposed of 565,145 shares (~$35.8M) in the past 90 days.

Oxinas Partners LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 21,670 shares of the natural resource company's stock, valued at approximately $1,101,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Wellington Management Group LLP increased its position in Freeport-McMoRan by 190.9% in the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company's stock worth $1,431,326,000 after buying an additional 23,950,557 shares during the period. Voya Investment Management LLC raised its holdings in Freeport-McMoRan by 289.0% during the third quarter. Voya Investment Management LLC now owns 3,844,504 shares of the natural resource company's stock valued at $150,781,000 after buying an additional 2,856,302 shares in the last quarter. AQR Capital Management LLC lifted its position in Freeport-McMoRan by 205.0% during the 2nd quarter. AQR Capital Management LLC now owns 4,186,621 shares of the natural resource company's stock worth $181,490,000 after acquiring an additional 2,813,845 shares during the last quarter. Amundi raised its position in shares of Freeport-McMoRan by 43.7% during the third quarter. Amundi now owns 7,018,624 shares of the natural resource company's stock valued at $282,991,000 after buying an additional 2,132,708 shares during the last quarter. Finally, Kirkoswald Asset Management LLC acquired a new position in shares of Freeport-McMoRan in the 3rd quarter valued at $82,754,200,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FCX has been the topic of several research reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Freeport-McMoRan in a research report on Thursday, January 22nd. Sanford C. Bernstein cut Freeport-McMoRan from an "outperform" rating to a "market perform" rating and upped their price objective for the stock from $53.50 to $54.00 in a research note on Friday, January 23rd. JPMorgan Chase & Co. lifted their price objective on shares of Freeport-McMoRan from $68.00 to $76.00 and gave the stock an "overweight" rating in a research report on Thursday, April 9th. Bank of America raised their price target on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the stock a "buy" rating in a research report on Thursday, February 26th. Finally, Raymond James Financial upped their price target on shares of Freeport-McMoRan from $53.00 to $66.00 and gave the stock an "outperform" rating in a report on Thursday, January 15th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $66.26.

Freeport-McMoRan Trading Down 0.6%

NYSE:FCX opened at $68.30 on Friday. The stock has a market capitalization of $98.16 billion, a price-to-earnings ratio of 45.23, a PEG ratio of 0.81 and a beta of 1.48. Freeport-McMoRan Inc. has a 12 month low of $32.12 and a 12 month high of $69.75. The firm has a fifty day simple moving average of $62.01 and a two-hundred day simple moving average of $52.63. The company has a current ratio of 2.29, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.28 by $0.19. The company had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.42 billion. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The firm's revenue for the quarter was down 1.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.31 earnings per share. Analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 1st. Investors of record on Wednesday, April 15th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Wednesday, April 15th. Freeport-McMoRan's payout ratio is currently 19.87%.

Insider Buying and Selling

In other Freeport-McMoRan news, Chairman Richard C. Adkerson sold 248,031 shares of the firm's stock in a transaction dated 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 owned 3,509,119 shares in the company, valued at $220,372,673.20. This trade represents a 6.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Douglas N. Currault II sold 75,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $64.52, for a total transaction of $4,839,000.00. Following the completion of the transaction, the executive vice president owned 219,181 shares of the company's stock, valued at $14,141,558.12. This trade represents a 25.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 565,145 shares of company stock valued at $35,839,918 in the last 90 days. Corporate insiders own 0.75% of the company's stock.

Freeport-McMoRan Company 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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