The Manufacturers Life Insurance Company Raises Stock Position in Freeport-McMoRan Inc. $FCX

Key Points

• The Manufacturers Life Insurance Company increased its Freeport-McMoRan stake by 4.6% in the second quarter, adding 117,888 shares to own 2.69 million shares valued at approximately $169 million. Institutional investors collectively own 80.77% of FCX.
• Freeport-McMoRan reported quarterly earnings of $0.74 per share, beating estimates of $0.62, while revenue of $7.03 billion exceeded expectations but declined 7.3% year over year. The company also maintains a quarterly dividend of $0.075 per share.
• FCX shares opened at $77.79, near their 52-week high, and analysts maintain a generally positive outlook with a consensus “Moderate Buy” rating and an average price target of $70.27.

The Manufacturers Life Insurance Company grew its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 4.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,687,524 shares of the natural resource company's stock after buying an additional 117,888 shares during the period. The Manufacturers Life Insurance Company owned 0.19% of Freeport-McMoRan worth $169,018,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of FCX. Arrowstreet Capital Limited Partnership raised its stake in Freeport-McMoRan by 98.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company's stock worth $1,014,434,000 after acquiring an additional 9,924,573 shares in the last quarter. Franklin Resources Inc. boosted its stake in Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company's stock valued at $1,897,202,000 after acquiring an additional 8,891,743 shares in the last quarter. Amundi boosted its stake in Freeport-McMoRan by 102.5% in the fourth quarter. Amundi now owns 14,211,579 shares of the natural resource company's stock valued at $721,806,000 after acquiring an additional 7,192,955 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Freeport-McMoRan by 20.0% during the first quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company's stock worth $2,489,069,000 after purchasing an additional 7,044,775 shares during the last quarter. Finally, Janus Henderson Group PLC grew its holdings in shares of Freeport-McMoRan by 101.2% during the first quarter. Janus Henderson Group PLC now owns 11,498,267 shares of the natural resource company's stock worth $675,896,000 after purchasing an additional 5,784,156 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 4,773 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the sale, the chief accounting officer directly owned 36,000 shares of the company's stock, valued at approximately $2,520,000. This trade represents a 11.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Stephen T. Higgins sold 14,277 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of the transaction, the chief accounting officer owned 54,618 shares in the company, valued at $3,795,951. This trade represents a 20.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 26,600 shares of company stock valued at $1,802,012. 0.73% of the stock is owned by company insiders.

Freeport-McMoRan Trading Up 1.5%

NYSE FCX opened at $77.79 on Tuesday. The firm's fifty day moving average is $64.71 and its two-hundred day moving average is $63.53. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $78.88. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The firm has a market cap of $111.71 billion, a PE ratio of 38.32, a P/E/G ratio of 0.76 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results 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 during the quarter, compared to the consensus estimate of $6.62 billion. During the same quarter in the prior year, the firm earned $0.54 earnings per share. The business's quarterly revenue was down 7.3% compared to the same quarter last year. Analysts expect that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.4%. Freeport-McMoRan's dividend payout ratio is currently 14.78%.

Analyst Ratings Changes

FCX has been the topic of a number of research analyst reports. Barclays lifted their target price on Freeport-McMoRan from $80.00 to $82.00 and gave the stock an "overweight" rating in a research report on Monday, July 27th. Jefferies Financial Group raised their price target on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a "buy" rating in a research note on Monday, June 8th. Wall Street Zen lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. BMO Capital Markets reiterated an "outperform" rating and issued a $78.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, July 23rd. Finally, Wells Fargo & Company increased their price objective on Freeport-McMoRan from $68.00 to $70.00 and gave the company an "overweight" rating in a report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and an average price target of $70.27.

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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