Neo Ivy Capital Management Buys New Stake in Freeport-McMoRan Inc. $FCX

Neo Ivy Capital Management bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 90,578 shares of the natural resource company’s stock, valued at approximately $3,552,000. Freeport-McMoRan makes up about 0.9% of Neo Ivy Capital Management’s portfolio, making the stock its 22nd largest holding.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Gabelli Funds LLC boosted its position in shares of Freeport-McMoRan by 10.6% in the 3rd quarter. Gabelli Funds LLC now owns 1,332,350 shares of the natural resource company’s stock worth $52,255,000 after purchasing an additional 127,590 shares in the last quarter. Aptus Capital Advisors LLC grew its stake in shares of Freeport-McMoRan by 8.9% during the third quarter. Aptus Capital Advisors LLC now owns 87,968 shares of the natural resource company’s stock worth $3,450,000 after acquiring an additional 7,153 shares during the last quarter. LOM Asset Management Ltd increased its holdings in shares of Freeport-McMoRan by 7.0% during the third quarter. LOM Asset Management Ltd now owns 56,794 shares of the natural resource company’s stock valued at $2,227,000 after acquiring an additional 3,723 shares in the last quarter. Consolidated Portfolio Review Corp purchased a new position in shares of Freeport-McMoRan in the 3rd quarter valued at approximately $291,000. Finally, Mengis Capital Management Inc. boosted its stake in Freeport-McMoRan by 0.7% in the 3rd quarter. Mengis Capital Management Inc. now owns 34,404 shares of the natural resource company’s stock worth $1,349,000 after purchasing an additional 251 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

FCX opened at $59.29 on Friday. 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 Inc. has a 12-month low of $27.66 and a 12-month high of $69.75. The firm has a 50 day moving average of $60.80 and a two-hundred day moving average of $49.29. The firm has a market capitalization of $85.21 billion, a PE ratio of 39.27, a P/E/G ratio of 0.73 and a beta of 1.41.

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

Freeport-McMoRan Cuts Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Clarkson Capital upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 price target on the stock in a research note on Wednesday, November 19th. Wall Street Zen downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Argus raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Friday, February 13th. Morgan Stanley set a $70.00 target price on Freeport-McMoRan in a research report on Tuesday, January 27th. Finally, BNP Paribas Exane raised their target price on Freeport-McMoRan from $56.00 to $75.00 and gave the stock an “outperform” rating in a research note on Thursday, February 12th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.59.

Insider Activity at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 11,000 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total value of $682,330.00. Following the completion of the transaction, the chief accounting officer owned 40,773 shares of the company’s stock, valued at $2,529,149.19. The trade was a 21.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Maree E. Robertson sold 48,500 shares of the company’s stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $61.55, for a total value of $2,985,175.00. Following the completion of the sale, the chief financial officer owned 79,894 shares in the company, valued at $4,917,475.70. The trade was a 37.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 603,140 shares of company stock worth $37,660,139 in the last three months. Company insiders own 0.75% 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.