PKO BP BANKOWY Universal Pension Society JSC Acquires Shares of 527,755 Freeport-McMoRan Inc. $FCX

Key Points

• PKO BP BANKOWY Universal Pension Society JSC bought a new stake in Freeport-McMoRan during the fourth quarter, acquiring 527,755 shares valued at about $26.8 million. The position makes FCX the fund’s 3rd largest holding and 13.5% of its portfolio.
• Freeport-McMoRan reported better-than-expected quarterly results, with earnings of $0.57 per share versus estimates of $0.47 and revenue of $6.23 billion versus $5.73 billion expected. Revenue rose 8.8% year over year.
• Despite the strong earnings, the stock was down 4.0% in Tuesday trading to $60.51. Analysts currently rate the shares a Moderate Buy, with a consensus price target of $65.14.

PKO BP BANKOWY Universal Pension Society JSC acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 527,755 shares of the natural resource company's stock, valued at approximately $26,805,000. Freeport-McMoRan comprises 13.5% of PKO BP BANKOWY Universal Pension Society JSC's portfolio, making the stock its 3rd largest holding.

A number of other hedge funds have also bought and sold shares of FCX. JPL Wealth Management LLC bought a new position in Freeport-McMoRan during the third quarter valued at $33,000. Pilgrim Partners Asia Pte Ltd bought a new position in Freeport-McMoRan during the third quarter valued at $36,000. Kohmann Bosshard Financial Services LLC bought a new position in Freeport-McMoRan during the fourth quarter valued at $38,000. Grey Fox Wealth Advisors LLC bought a new position in shares of Freeport-McMoRan in the third quarter worth about $39,000. Finally, Laurel Wealth Advisors LLC bought a new position in shares of Freeport-McMoRan in the fourth quarter worth about $43,000. Institutional investors own 80.77% of the company's stock.

Insider Transactions at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 11,000 shares of the company's stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $62.03, for a total value of $682,330.00. Following the completion of the sale, the chief accounting officer directly owned 40,773 shares of the company's stock, valued at $2,529,149.19. This represents a 21.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Stephen T. Higgins sold 29,654 shares of the company's stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $63.00, for a total transaction of $1,868,202.00. Following the completion of the sale, the chief accounting officer directly owned 76,445 shares of the company's stock, valued at approximately $4,816,035. This trade represents a 27.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.79% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. cut their price target on shares of Freeport-McMoRan from $76.00 to $73.00 and set an "overweight" rating on the stock in a report on Monday, April 27th. Argus upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Friday, February 13th. Raymond James Financial cut their price target on shares of Freeport-McMoRan from $72.00 to $68.00 and set an "outperform" rating on the stock in a report on Friday, April 24th. Wells Fargo & Company cut their price target on shares of Freeport-McMoRan from $77.00 to $68.00 and set an "overweight" rating on the stock in a report on Friday, April 24th. Finally, Stifel Nicolaus upped their price target on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the stock a "buy" rating in a report on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $65.14.

Freeport-McMoRan Stock Down 4.0%

NYSE:FCX opened at $60.51 on Tuesday. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $70.96. The company has a 50-day moving average of $61.41 and a 200 day moving average of $55.92. The firm has a market cap of $86.98 billion, a PE ratio of 32.18, a price-to-earnings-growth ratio of 0.76 and a beta of 1.32. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same period in the prior year, the firm earned $0.24 earnings per share. The firm's revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were paid 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 yield of 0.5%. Freeport-McMoRan's dividend payout ratio is 15.96%.

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.

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.