Nan Shan Life Insurance Co. Ltd. Buys 534,888 Shares of Freeport-McMoRan Inc. $FCX

Nan Shan Life Insurance Co. Ltd. grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 32.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,167,458 shares of the natural resource company’s stock after purchasing an additional 534,888 shares during the quarter. Freeport-McMoRan comprises about 1.9% of Nan Shan Life Insurance Co. Ltd.’s holdings, making the stock its 12th biggest holding. Nan Shan Life Insurance Co. Ltd.’s holdings in Freeport-McMoRan were worth $82,060,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Coppell Advisory Solutions LLC raised its holdings in Freeport-McMoRan by 47.4% in the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company’s stock worth $32,000 after purchasing an additional 268 shares in the last quarter. City Holding Co. bought a new position in shares of Freeport-McMoRan in the 1st quarter worth about $33,000. Bernard Wealth Management Corp. bought a new position in shares of Freeport-McMoRan in the 4th quarter worth about $35,000. Dagco Inc. bought a new position in shares of Freeport-McMoRan in the 1st quarter worth about $37,000. Finally, Greykasell Wealth Strategies Inc. bought a new position in shares of Freeport-McMoRan in the 1st quarter worth about $42,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $41.79 on Tuesday. The firm’s 50-day moving average price is $43.00 and its 200-day moving average price is $39.30. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The company has a market cap of $60.00 billion, a PE ratio of 31.66, a PEG ratio of 0.80 and a beta of 1.63. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.09. The firm had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.46 EPS. As a group, analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.4%. Freeport-McMoRan’s payout ratio is presently 22.73%.

Wall Street Analysts Forecast Growth

FCX has been the subject of several research reports. Morgan Stanley lowered shares of Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $45.00 to $54.00 in a research note on Tuesday, July 15th. UBS Group lowered shares of Freeport-McMoRan from a “buy” rating to a “neutral” rating and increased their price target for the stock from $45.00 to $50.00 in a research note on Friday, July 11th. Stifel Nicolaus started coverage on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a “buy” rating and a $56.00 price target for the company. Citigroup raised their price objective on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. Finally, Scotiabank raised their price objective on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 9th. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $51.00.

Insider Activity

In other news, CAO Ellie L. Mikes sold 8,584 shares of the firm’s stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the sale, the chief accounting officer owned 48,333 shares of the company’s stock, valued at $1,934,286.66. This trade represents a 15.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.79% of the stock is currently owned by insiders.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.