Elo Mutual Pension Insurance Co Has $1.44 Million Holdings in Freeport-McMoRan Inc. $FCX

Elo Mutual Pension Insurance Co decreased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 19.8% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 36,756 shares of the natural resource company’s stock after selling 9,095 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Freeport-McMoRan were worth $1,442,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Steigerwald Gordon & Koch Inc. acquired a new stake in shares of Freeport-McMoRan in the third quarter worth $25,000. Twin Peaks Wealth Advisors LLC acquired a new position in Freeport-McMoRan during the second quarter valued at $28,000. Salomon & Ludwin LLC boosted its position in Freeport-McMoRan by 1,962.9% during the 3rd quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 687 shares during the period. Pilgrim Partners Asia Pte Ltd purchased a new position in Freeport-McMoRan during the 3rd quarter valued at about $36,000. Finally, Proffitt & Goodson Inc. grew its stake in Freeport-McMoRan by 39.8% during the 3rd quarter. Proffitt & Goodson Inc. now owns 977 shares of the natural resource company’s stock valued at $38,000 after acquiring an additional 278 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FCX. Raymond James Financial upped their target price on Freeport-McMoRan from $53.00 to $66.00 and gave the company an “outperform” rating in a report on Thursday, January 15th. Jefferies Financial Group increased their target price on shares of Freeport-McMoRan from $68.00 to $76.00 and gave the stock a “buy” rating in a research report on Tuesday, February 17th. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lifted their target price for the company from $53.50 to $54.00 in a research note on Friday, January 23rd. 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 research note on Wednesday, February 11th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a research report on Wednesday, November 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $62.59.

Insider Activity

In other Freeport-McMoRan news, Chairman Richard C. Adkerson sold 152,960 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $64.65, for a total transaction of $9,888,864.00. Following the transaction, the chairman owned 3,356,159 shares in the company, valued at $216,975,679.35. This trade represents a 4.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Douglas N. Currault II sold 75,000 shares of Freeport-McMoRan 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 directly owned 219,181 shares in the company, valued at approximately $14,141,558.12. This represents a 25.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 603,140 shares of company stock valued at $37,660,139. Insiders own 0.75% of the company’s stock.

Freeport-McMoRan Trading Down 4.8%

Shares of NYSE:FCX opened at $62.77 on Friday. The company has a current ratio of 2.29, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $90.21 billion, a PE ratio of 41.57, a P/E/G ratio of 0.76 and a beta of 1.41. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $69.75. The firm has a fifty day moving average price of $60.67 and a 200 day moving average price of $49.16.

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

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Thursday, January 15th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date was Thursday, January 15th. Freeport-McMoRan’s payout ratio is 19.87%.

About Freeport-McMoRan

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.