Menora Mivtachim Holdings LTD. Makes New $392,000 Investment in Freeport-McMoRan Inc. $FCX

Menora Mivtachim Holdings LTD. purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 10,000 shares of the natural resource company’s stock, valued at approximately $392,000.

Several other hedge funds also recently modified their holdings of the business. Great Lakes Advisors LLC raised its stake in Freeport-McMoRan by 8.0% during the 3rd quarter. Great Lakes Advisors LLC now owns 1,551,258 shares of the natural resource company’s stock valued at $60,840,000 after purchasing an additional 115,285 shares during the last quarter. Summit Global Investments grew its position in Freeport-McMoRan by 278.4% in the 3rd quarter. Summit Global Investments now owns 46,157 shares of the natural resource company’s stock worth $1,810,000 after purchasing an additional 33,959 shares during the last quarter. Arrow Capital Pty Ltd grew its position in Freeport-McMoRan by 88.5% in the 2nd quarter. Arrow Capital Pty Ltd now owns 113,100 shares of the natural resource company’s stock worth $4,903,000 after purchasing an additional 53,100 shares during the last quarter. Foster Victor Wealth Advisors LLC increased its holdings in shares of Freeport-McMoRan by 5.7% during the 3rd quarter. Foster Victor Wealth Advisors LLC now owns 383,488 shares of the natural resource company’s stock worth $15,213,000 after purchasing an additional 20,586 shares during the period. Finally, Momentum Wealth Planning LLC bought a new position in shares of Freeport-McMoRan during the 2nd quarter worth about $3,459,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $59.15 on Friday. The firm has a market cap of $85.02 billion, a P/E ratio of 39.18, a price-to-earnings-growth ratio of 0.72 and a beta of 1.41. The firm’s 50-day simple moving average is $61.58 and its 200-day simple moving average is $49.81. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $69.75. 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 posted its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.19. The firm had revenue of $5.63 billion during the quarter, compared to analyst estimates of $5.42 billion. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The company’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.31 earnings per share. As a group, research 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. Stockholders of record on Thursday, January 15th were issued a $0.075 dividend. 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 presently 19.87%.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, EVP Douglas N. Currault II sold 75,000 shares of the company’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $64.52, for a total value of $4,839,000.00. Following the sale, the executive vice president directly owned 219,181 shares in the company, valued at $14,141,558.12. This represents a 25.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Stephen T. Higgins sold 29,654 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $63.00, for a total value of $1,868,202.00. Following the transaction, the chief accounting officer owned 76,445 shares of the company’s stock, valued at $4,816,035. This represents a 27.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 565,145 shares of company stock worth $35,839,918 over the last three months. 0.75% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Scotiabank increased their target price on shares of Freeport-McMoRan from $70.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, February 19th. Morgan Stanley set a $70.00 price target on Freeport-McMoRan in a research note on Tuesday, January 27th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a report on Wednesday, November 26th. CICC Research raised their price objective on Freeport-McMoRan from $50.40 to $64.40 and gave the stock an “outperform” rating in a research report on Monday, January 26th. Finally, UBS Group lifted their price objective on Freeport-McMoRan from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average target price of $62.59.

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.