Nordea Investment Management AB Sells 1,759,472 Shares of Freeport-McMoRan Inc. $FCX

Nordea Investment Management AB decreased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 95.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 87,934 shares of the natural resource company’s stock after selling 1,759,472 shares during the period. Nordea Investment Management AB’s holdings in Freeport-McMoRan were worth $4,498,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Iowa State Bank increased its holdings in Freeport-McMoRan by 0.4% during the 4th quarter. Iowa State Bank now owns 49,059 shares of the natural resource company’s stock worth $2,492,000 after purchasing an additional 213 shares during the period. Hollencrest Capital Management lifted its holdings in shares of Freeport-McMoRan by 0.6% in the 2nd quarter. Hollencrest Capital Management now owns 45,133 shares of the natural resource company’s stock worth $1,957,000 after buying an additional 250 shares during the period. Benjamin Edwards Inc. lifted its holdings in shares of Freeport-McMoRan by 0.6% in the 3rd quarter. Benjamin Edwards Inc. now owns 45,095 shares of the natural resource company’s stock worth $1,769,000 after buying an additional 250 shares during the period. Mengis Capital Management Inc. grew its position in shares of Freeport-McMoRan by 0.7% during the 3rd quarter. Mengis Capital Management Inc. now owns 34,404 shares of the natural resource company’s stock worth $1,349,000 after buying an additional 251 shares in the last quarter. Finally, Transcend Capital Advisors LLC increased its stake in shares of Freeport-McMoRan by 3.1% during the third quarter. Transcend Capital Advisors LLC now owns 8,491 shares of the natural resource company’s stock valued at $333,000 after buying an additional 257 shares during the period. Institutional investors own 80.77% of the company’s stock.

Insider Transactions at Freeport-McMoRan

In related news, EVP Douglas N. Currault II sold 75,000 shares of the 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 sale, the executive vice president owned 219,181 shares of the company’s stock, valued at $14,141,558.12. This represents a 25.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Maree E. Robertson sold 48,500 shares of the firm’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $61.55, for a total transaction of $2,985,175.00. Following the completion of the sale, the chief financial officer owned 79,894 shares of the company’s stock, valued at approximately $4,917,475.70. This trade represents a 37.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 565,145 shares of company stock worth $35,839,918. 0.75% of the stock is owned by corporate insiders.

Freeport-McMoRan Trading Down 2.1%

Shares of NYSE FCX opened at $55.91 on Friday. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $69.75. The business has a fifty day moving average price of $61.39 and a 200 day moving average price of $50.57. The stock has a market capitalization of $80.36 billion, a P/E ratio of 37.03, a price-to-earnings-growth ratio of 0.67 and a beta of 1.41. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.29 and a quick ratio of 1.05.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) 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 firm’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.31 earnings per share. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 19.87%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from $53.50 to $54.00 in a report on Friday, January 23rd. Raymond James Financial increased their target price on shares of Freeport-McMoRan from $53.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, January 15th. Scotiabank raised their target price on shares of Freeport-McMoRan from $70.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, February 19th. JPMorgan Chase & Co. boosted their price target on shares of Freeport-McMoRan from $58.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, January 8th. Finally, Stifel Nicolaus increased their price objective on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the company a “buy” rating in a research note on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $62.59.

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.