Dynamic Technology Lab Private Ltd Acquires 66,331 Shares of Freeport-McMoRan Inc. $FCX

Dynamic Technology Lab Private Ltd raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 426.3% in the third quarter, Holdings Channel.com reports. The fund owned 81,892 shares of the natural resource company’s stock after acquiring an additional 66,331 shares during the quarter. Freeport-McMoRan makes up about 0.5% of Dynamic Technology Lab Private Ltd’s investment portfolio, making the stock its 12th largest position. Dynamic Technology Lab Private Ltd’s holdings in Freeport-McMoRan were worth $3,212,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its stake in shares of Freeport-McMoRan by 35.6% during the 3rd quarter. Parallel Advisors LLC now owns 58,825 shares of the natural resource company’s stock worth $2,307,000 after purchasing an additional 15,434 shares during the last quarter. Black Swift Group LLC acquired a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at $1,588,000. Natixis Advisors LLC lifted its stake in shares of Freeport-McMoRan by 0.4% in the 3rd quarter. Natixis Advisors LLC now owns 541,069 shares of the natural resource company’s stock valued at $21,221,000 after purchasing an additional 2,096 shares during the last quarter. Korea Investment CORP boosted its holdings in Freeport-McMoRan by 26.4% in the third quarter. Korea Investment CORP now owns 1,308,409 shares of the natural resource company’s stock worth $51,316,000 after purchasing an additional 273,483 shares in the last quarter. Finally, Ameriflex Group Inc. boosted its holdings in Freeport-McMoRan by 20.5% in the third quarter. Ameriflex Group Inc. now owns 8,098 shares of the natural resource company’s stock worth $318,000 after purchasing an additional 1,380 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Trading Down 5.4%

Shares of Freeport-McMoRan stock opened at $59.29 on Friday. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $69.75. The company’s fifty day simple moving average is $60.80 and its 200-day simple moving average is $49.34. The company has a market cap of $85.21 billion, a price-to-earnings ratio of 39.27, a PEG ratio of 0.70 and a beta of 1.41. The company has a current ratio of 2.29, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.28 by $0.19. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The firm had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $5.42 billion. During the same period in the prior year, the company earned $0.31 EPS. The business’s quarterly revenue was down 1.5% compared to the same quarter last year. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Cuts Dividend

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

Analyst Upgrades and Downgrades

FCX has been the topic of several recent research reports. Raymond James Financial raised 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Thursday, January 22nd. JPMorgan Chase & Co. increased their price objective on Freeport-McMoRan from $58.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, January 8th. Stifel Nicolaus raised their price objective on Freeport-McMoRan from $52.00 to $76.00 and gave the company a “buy” rating in a research note on Wednesday, February 11th. Finally, Bank of America boosted their target price on Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $62.59.

Insiders Place Their Bets

In related news, EVP Douglas N. Currault II sold 75,000 shares of the stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $64.52, for a total value of $4,839,000.00. Following the completion of the sale, the executive vice president owned 219,181 shares in the company, valued at approximately $14,141,558.12. This trade represents a 25.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard C. Adkerson sold 152,960 shares of the business’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $64.65, for a total value 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 represents a 4.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 603,140 shares of company stock valued at $37,660,139 in the last quarter. 0.75% of the stock is currently owned by insiders.

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.