Freeport-McMoRan Inc. $FCX Shares Purchased by Korea Investment CORP

Korea Investment CORP grew its position in Freeport-McMoRan Inc. (NYSE:FCX) by 29.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,224,505 shares of the natural resource company’s stock after purchasing an additional 280,540 shares during the period. Korea Investment CORP owned approximately 0.09% of Freeport-McMoRan worth $77,009,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL bought a new position in Freeport-McMoRan in the 4th quarter worth approximately $25,000. Steph & Co. lifted its position in Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares during the period. Cassaday & Co Wealth Management LLC bought a new position in Freeport-McMoRan during the first quarter valued at about $29,000. Kemnay Advisory Services Inc. bought a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $29,000. Finally, SHP Wealth Management bought a new stake in Freeport-McMoRan during the fourth quarter worth approximately $30,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 7.7%

Shares of FCX opened at $76.68 on Friday. The company has a 50-day simple moving average of $64.55 and a 200-day simple moving average of $63.42. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $77.33. The firm has a market capitalization of $110.11 billion, a P/E ratio of 37.77, a P/E/G ratio of 0.71 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The company had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. During the same period last year, the firm earned $0.54 EPS. The firm’s revenue for the quarter was down 7.3% compared to the same quarter last year. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is 14.78%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on FCX shares. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. JPMorgan Chase & Co. lifted their price objective on Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Weiss Ratings raised Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 31st. Royal Bank Of Canada raised their price target on Freeport-McMoRan from $70.00 to $73.00 and gave the stock a “sector perform” rating in a research note on Friday, July 24th. Finally, Barclays boosted their price target on Freeport-McMoRan from $80.00 to $82.00 and gave the company an “overweight” rating in a research note on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.27.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 4,773 shares of Freeport-McMoRan stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the transaction, the chief accounting officer directly owned 36,000 shares of the company’s stock, valued at approximately $2,520,000. This trade represents a 11.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Stephen T. Higgins sold 14,277 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total transaction of $992,251.50. Following the completion of the sale, the chief accounting officer owned 54,618 shares in the company, valued at $3,795,951. This represents a 20.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 26,600 shares of company stock valued at $1,802,012 over the last quarter. Corporate insiders own 0.73% of the company’s stock.

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.