Nicola Wealth Management LTD. recently announced that it has trimmed its position in shares of Freeport-McMoRan Inc. (NYSE: FCX) by 14.0% in the 4th quarter, according to the company’s most recent filing with the Securities and Exchange Commission (SEC). As per their filing, the institutional investor owned 249,800 shares of the natural resource company’s stock after selling 40,800 shares during last quarter.
Freeport-McMoRan is a mining company that deals with copper, gold molybdenum, cobalt oil and gas among other products not only in North America but also across the world. The firm is known for its top rating products as well as its reputation for being a reliable supplier and manufacturer.
The recent trimming made by Nicola Wealth Management LTD., one of Freeport-McMoRan’s major shareholders is an interesting development in light of several happenings surrounding the firm. For example, it was recently announced that there would be a quarterly dividend paying $0.15 per share on Monday, May 1st this year to stockholders who owned shares before April 14th.
This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.74%. Furthermore, Freeport-McMoRan’s dividend payout ratio (DPR) is currently at 16.76%. With such dynamic figures it comes as no shock that an institutional investor like Nicola Wealth has heavily invested in this profitable company.
In addition to this disclosure on Nicola Wealth’s part, other important news about Freeport-McMoRan revealed that CAO Ellie L. Mikes sold 11,678 shares of stock in a transaction that occurred back on Wednesday March 1st earlier this year. During the sale event itself these stocks were transacted at an average price of $43.17 bringing the total to $504,139.26. As a result of this sale, the chief accounting officer now has 32,333 shares in the company valued at $1,395,815.61.
This transaction was reported by Freeport-McMoRan to the SEC where it is available for public scrutiny. Corporate insiders currently own 0.72% of the stock; hence their influence on and knowledge about the firm can be crucial when evaluating its worth.
It remains to be seen what effect this development will have on Freeport-McMoRan in terms of investor relations and stock market trends in general. However, this move by an institutional heavyweight like Nicola Wealth stands out as an important factor regarding how investors should view both Freeport-McMoRan as well as Nicola Wealth Management LTD moving forward into May of 2023.
Overall though based on these moves its looks like Freeport-McMoRan Inc. has strong fundamentals underpinning their business!
Strong Investor Interest Evident in Freeport-McMoRan Despite Belt and Road Initiative Tensions
The Natural resource company Freeport-McMoRan (NYSE:FCX) has attracted an overwhelming interest from hedge funds and institutional investors. The trailblazing hedge fund Neuberger Berman Group LLC expanded its shares in the company by an impressive 103.0% during the third quarter, increasing its position to 7,977,270 shares worth $218,140,000. Following suit was Barclays PLC which raised its stakes in Freeport-McMoRan by 100.7%, purchasing an additional 2,391,131 shares in Q3 and growing its holding to 4,765,092 shares worth $130,229,000. Allspring Global Investments Holdings LLC rose to the challenge as well with an increased holdings of 25.8% in the fourth quarter owning a total of $218,849,000 worth FCX stocks.The firm’s stock is handled by Bank of New York Mellon Corp receiving a push increasing their holdings by 6.6%, owning a total of 18,433,904 shares valued at over $503 million after gaining an additional 1,137,888 worth among other top stakeholders.
Despite Barclay’s rating on Freeport-McMoRan being revised upwards from USD24 per share to USD29 per share with a buy rating having been achieved by four companies; NGR Invest Group IA Société Générale SA analyst announcing that he retains his neutral view due to demand considerations around the China Belt and Road Initiative which could delay or alternatively stop progress on large mines globally.
However,Frefpot recently announced a quarterly dividend on May 1st with shareholders who were reported as having record dates from Friday April13th receiving a dividend amounting to USD0.60 annually for each outstanding common share.
A trade analysis indicates that FCXshares sold for USD34.51 on Thursday releasing approximately 9m +trades compared to an average volume of 12,769,193 within the same period. It is also worth noting that Freeport-McMoRan Inc’s market cap value is pegged at USD49.37 billion and has a beta of 2.00 from its technical chart analysis indicates a one-year high of USD46.73and a one year low pegged at USD24.80 with a current ratio of 2.79, quick ratio of1 .71 and POLY fill ratio denoted by the trading shorts.
The company’s recent earnings data revealed that the natural resource firm reported $0.52 per share for Q4’21 outperforming the consensus estimate of $0.47 and generating a net margin of 12.07%. The trailblazing hedge fund Neuberger Berman Group LLC expanded its shares in the company by an impressive103.0% during Q3 increasing its position to7,977,270 shares worth $218,140,000 followed closely by UBS group boosting their price target from $32 to $41 USD per share achieving four outperforms with Citigroup having given them neutral rating
It will be interesting to experience further growth on this stock despite mixed signals in demand considering belt and road partnership tensions among top global economies including China and Russia; who cumulatively drive up commodity prices significantly as this may potentially affect expected revenue income sector wide within which Freeport McMoran belongs with identifying solutions for diversification becoming imperative for investors’ long-term success currently.
