Freeport-McMoRan Inc. $FCX Stake Raised by General Pension Society PZU Joint Stock Co

General Pension Society PZU Joint Stock Co lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 40.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,957,155 shares of the natural resource company’s stock after purchasing an additional 565,002 shares during the quarter. Freeport-McMoRan comprises about 18.6% of General Pension Society PZU Joint Stock Co’s investment portfolio, making the stock its largest position. General Pension Society PZU Joint Stock Co’s holdings in Freeport-McMoRan were worth $76,760,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Steigerwald Gordon & Koch Inc. purchased a new position in Freeport-McMoRan in the third quarter valued at about $25,000. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter worth approximately $28,000. Salomon & Ludwin LLC grew its holdings in shares of Freeport-McMoRan by 1,962.9% in 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 acquired a new stake in shares of Freeport-McMoRan in the 3rd quarter worth approximately $36,000. Finally, Proffitt & Goodson Inc. increased its stake in Freeport-McMoRan by 39.8% in the 3rd quarter. Proffitt & Goodson Inc. now owns 977 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 278 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $63.65 on Tuesday. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $69.44. The company’s 50 day simple moving average is $54.42 and its 200 day simple moving average is $46.32. The company has a market capitalization of $91.40 billion, a price-to-earnings ratio of 42.15, a PEG ratio of 0.70 and a beta of 1.47. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly 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. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The company had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.42 billion. During the same period in the previous year, the firm posted $0.31 EPS. Freeport-McMoRan’s revenue was down 1.5% on a year-over-year basis. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Cuts Dividend

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

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Scotiabank boosted their target price on Freeport-McMoRan from $63.00 to $70.00 and gave the stock an “outperform” rating in a research report on Monday, January 26th. Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Friday, January 23rd. Clarkson Capital raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 price objective on the stock in a research note on Wednesday, November 19th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a report on Wednesday, November 26th. Finally, BMO Capital Markets upped their price target on shares of Freeport-McMoRan from $55.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, January 14th. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.40.

Insider Transactions at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 28,423 shares of the stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $47.99, for a total transaction of $1,364,019.77. Following the transaction, the chief accounting officer directly owned 105,294 shares in the company, valued at $5,053,059.06. This represents a 21.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Ellie L. Mikes sold 9,572 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $47.66, for a total transaction of $456,201.52. Following the completion of the sale, the chief accounting officer directly owned 38,761 shares in the company, valued at $1,847,349.26. This represents a 19.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.79% of the stock is currently owned by company insiders.

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.