Nan Shan Life Insurance Co. Ltd. Trims Holdings in Freeport-McMoRan Inc. (NYSE:FCX)


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Nan Shan Life Insurance Co. Ltd. cut its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 33.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 999,000 shares of the natural resource company’s stock after selling 509,986 shares during the quarter. Nan Shan Life Insurance Co. Ltd. owned about 0.07% of Freeport-McMoRan worth $25,994,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Dorsey Wright & Associates grew its position in shares of Freeport-McMoRan by 141.7% in the fourth quarter. Dorsey Wright & Associates now owns 201,486 shares of the natural resource company’s stock valued at $5,243,000 after purchasing an additional 118,107 shares in the last quarter. Optimum Investment Advisors boosted its stake in Freeport-McMoRan by 83.1% during the fourth quarter. Optimum Investment Advisors now owns 3,662 shares of the natural resource company’s stock valued at $95,000 after buying an additional 1,662 shares during the period. Global Retirement Partners LLC boosted its stake in Freeport-McMoRan by 45.3% during the fourth quarter. Global Retirement Partners LLC now owns 9,746 shares of the natural resource company’s stock valued at $254,000 after buying an additional 3,037 shares during the period. Mirador Capital Partners LP boosted its stake in Freeport-McMoRan by 10.7% during the fourth quarter. Mirador Capital Partners LP now owns 85,007 shares of the natural resource company’s stock valued at $2,212,000 after buying an additional 8,242 shares during the period. Finally, Morgan Stanley boosted its stake in Freeport-McMoRan by 29.0% during the third quarter. Morgan Stanley now owns 9,555,718 shares of the natural resource company’s stock valued at $149,451,000 after buying an additional 2,145,941 shares during the period. Institutional investors own 72.30% of the company’s stock.

In related news, VP C Donald Whitmire, Jr. sold 48,240 shares of the business’s stock in a transaction dated Friday, February 12th. The stock was sold at an average price of $30.84, for a total transaction of $1,487,721.60. Following the transaction, the vice president now owns 85,492 shares in the company, valued at approximately $2,636,573.28. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Richard C. Adkerson sold 467,887 shares of the company’s stock in a transaction that occurred on Friday, December 4th. The stock was sold at an average price of $25.17, for a total value of $11,776,715.79. Following the transaction, the chief executive officer now owns 3,724,573 shares in the company, valued at approximately $93,747,502.41. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,001,127 shares of company stock worth $25,520,387. 1.00% of the stock is owned by company insiders.

Shares of NYSE FCX traded down $0.99 during midday trading on Tuesday, reaching $37.09. The company had a trading volume of 915,189 shares, compared to its average volume of 24,691,752. Freeport-McMoRan Inc. has a one year low of $4.82 and a one year high of $39.10. The stock has a market cap of $53.89 billion, a PE ratio of -423.06 and a beta of 2.27. The company has a quick ratio of 1.35, a current ratio of 2.61 and a debt-to-equity ratio of 0.57. The firm’s fifty day moving average price is $30.72 and its 200-day moving average price is $21.86.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Monday, January 25th. The natural resource company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Freeport-McMoRan had a positive return on equity of 1.56% and a negative net margin of 0.73%. The company had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the previous year, the business earned $0.02 EPS. Freeport-McMoRan’s revenue was up 14.9% compared to the same quarter last year. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 0.56 EPS for the current year.

Several brokerages have issued reports on FCX. The Goldman Sachs Group began coverage on Freeport-McMoRan in a research note on Wednesday, November 11th. They set a “conviction-buy” rating and a $25.00 price target for the company. Morgan Stanley lifted their price target on Freeport-McMoRan from $19.00 to $28.00 and gave the stock an “overweight” rating in a research note on Thursday, December 10th. Argus raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a research note on Tuesday, January 5th. Johnson Rice began coverage on Freeport-McMoRan in a research note on Wednesday, December 16th. They set a “buy” rating for the company. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Freeport-McMoRan from $20.00 to $33.00 and gave the stock a “buy” rating in a research note on Wednesday, January 13th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company’s stock. Freeport-McMoRan currently has a consensus rating of “Buy” and an average target price of $23.12.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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