Neo Ivy Capital Management Makes New Investment in Freeport-McMoRan Inc. $FCX

Neo Ivy Capital Management acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the third quarter, Holdings Channel reports. The institutional investor acquired 90,578 shares of the natural resource company’s stock, valued at approximately $3,552,000. Freeport-McMoRan accounts for 0.9% of Neo Ivy Capital Management’s portfolio, making the stock its 22nd largest holding.

Several other institutional investors have also recently made changes to their positions in FCX. Brighton Jones LLC boosted its holdings in Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after buying an additional 2,882 shares in the last quarter. Bison Wealth LLC increased its holdings in Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after buying an additional 507 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in Freeport-McMoRan in the second quarter valued at $560,000. Crestwood Advisors Group LLC acquired a new position in shares of Freeport-McMoRan in the second quarter worth about $212,000. Finally, Atlantic Union Bankshares Corp acquired a new position in shares of Freeport-McMoRan in the second quarter worth about $193,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 11,000 shares of the firm’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total value of $682,330.00. Following the transaction, the chief accounting officer owned 40,773 shares in the company, valued at approximately $2,529,149.19. This trade represents a 21.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Maree E. Robertson sold 48,500 shares of Freeport-McMoRan stock in a transaction on Friday, February 13th. The stock was sold at an average price of $61.55, for a total transaction of $2,985,175.00. Following the sale, the chief financial officer directly owned 79,894 shares in the company, valued at approximately $4,917,475.70. This trade represents a 37.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 603,140 shares of company stock worth $37,660,139 in the last quarter. 0.75% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. UBS Group raised their target price on Freeport-McMoRan from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. BNP Paribas Exane upped their price target on Freeport-McMoRan from $56.00 to $75.00 and gave the stock an “outperform” rating in a report on Thursday, February 12th. CICC Research increased their price target on Freeport-McMoRan from $50.40 to $64.40 and gave the stock an “outperform” rating in a research report on Monday, January 26th. Jefferies Financial Group raised their price objective on Freeport-McMoRan from $68.00 to $76.00 and gave the company a “buy” rating in a report on Tuesday, February 17th. Finally, Raymond James Financial boosted their price objective on Freeport-McMoRan from $53.00 to $66.00 and gave the company an “outperform” rating in a research report on Thursday, January 15th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $62.59.

Freeport-McMoRan Trading Down 5.4%

Shares of Freeport-McMoRan stock 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 twelve month low of $27.66 and a twelve month high of $69.75. 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. The firm’s 50-day moving average price is $60.80 and its 200 day moving average price is $49.29.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.28 by $0.19. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The company had revenue of $5.63 billion during the quarter, compared to analyst estimates of $5.42 billion. During the same period in the previous year, the business earned $0.31 EPS. Freeport-McMoRan’s quarterly revenue was down 1.5% on a year-over-year basis. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

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

Freeport-McMoRan Company 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.