Securian Asset Management Inc. Trims Stock Holdings in Freeport-McMoRan Inc. $FCX

Key Points

• Securian Asset Management cut its Freeport-McMoRan stake by 43.7% in the fourth quarter, leaving it with 39,045 shares worth about $1.98 million.
• Freeport-McMoRan reported strong quarterly results, posting EPS of $0.57 versus $0.47 expected and revenue of $6.23 billion, both above analyst forecasts.
• The company paid a quarterly dividend of $0.075 per share and analysts currently rate the stock Moderate Buy, with an average price target of $65.14.

Securian Asset Management Inc. decreased its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 43.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,045 shares of the natural resource company's stock after selling 30,294 shares during the period. Securian Asset Management Inc.'s holdings in Freeport-McMoRan were worth $1,983,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. KBC Group NV raised its stake in shares of 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 buying an additional 73,002 shares during the last quarter. Great Lakes Advisors LLC raised its stake in shares of 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 buying an additional 115,285 shares during the last quarter. Summit Global Investments raised its stake in shares of 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 buying an additional 33,959 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of 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 buying an additional 23,950,557 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new position in shares of Freeport-McMoRan during the 3rd quarter valued at about $1,066,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $64.38 on Tuesday. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $70.96. 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 capitalization of $92.52 billion, a PE ratio of 34.24, a price-to-earnings-growth ratio of 0.74 and a beta of 1.32. The stock's 50-day moving average price is $61.56 and its 200-day moving average price is $55.09.

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

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were given a dividend of $0.075 per share. The ex-dividend date 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 (DPR) is 15.96%.

Insider Activity

In other news, CAO Stephen T. Higgins sold 29,654 shares of the firm'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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Ellie L. Mikes sold 11,000 shares of the firm'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 sale, the chief accounting officer owned 40,773 shares in the company, valued at $2,529,149.19. This trade represents a 21.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 317,114 shares of company stock worth $20,263,571. 0.79% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on FCX. The Goldman Sachs Group reduced their price objective on Freeport-McMoRan from $70.00 to $68.00 and set a "buy" rating for the company in a research note on Friday, April 24th. Deutsche Bank Aktiengesellschaft reduced their price objective on Freeport-McMoRan from $72.00 to $68.00 and set a "buy" rating for the company in a research note on Friday, April 24th. Morgan Stanley reiterated an "equal weight" rating and set a $66.00 price objective (down from $70.00) on shares of Freeport-McMoRan in a research note on Friday, April 24th. BNP Paribas Exane reduced their price objective on Freeport-McMoRan from $75.00 to $71.00 and set an "outperform" rating for the company in a research note on Tuesday, April 28th. Finally, Stifel Nicolaus lifted their price objective on Freeport-McMoRan from $52.00 to $76.00 and gave the company a "buy" rating in a research note 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 company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $65.14.

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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