Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 267.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 39,949 shares of the natural resource company's stock after acquiring an additional 29,082 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Freeport-McMoRan were worth $1,597,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mizuho Bank Ltd. bought a new stake in shares of Freeport-McMoRan during the 4th quarter worth approximately $26,000. Coppell Advisory Solutions LLC lifted its stake in shares of Freeport-McMoRan by 47.4% during the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock worth $32,000 after acquiring an additional 268 shares during the last quarter. City Holding Co. bought a new stake in shares of Freeport-McMoRan during the 1st quarter worth approximately $33,000. Bernard Wealth Management Corp. purchased a new position in Freeport-McMoRan during the 4th quarter worth $35,000. Finally, Murphy & Mullick Capital Management Corp purchased a new position in Freeport-McMoRan during the 4th quarter worth $40,000. 80.77% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CAO Ellie L. Mikes sold 8,584 shares of the business's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the transaction, the chief accounting officer directly owned 48,333 shares in the company, valued at $1,934,286.66. The trade was a 15.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.75% of the stock is currently owned by company insiders.

Freeport-McMoRan Stock Up 0.8%

Shares of NYSE:FCX traded up $0.33 on Friday, reaching $44.79. The company had a trading volume of 8,975,996 shares, compared to its average volume of 13,819,211. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61. The firm's 50 day simple moving average is $41.67 and its 200-day simple moving average is $38.70. The firm has a market capitalization of $64.37 billion, a PE ratio of 37.06, a PEG ratio of 0.82 and a beta of 1.64. The company has a current ratio of 2.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The firm had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. During the same period in the previous year, the business earned $0.32 EPS. The firm's revenue for the quarter was down 9.4% on a year-over-year basis. As a group, analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.34%. Freeport-McMoRan's dividend payout ratio (DPR) is 24.79%.

Analyst Upgrades and Downgrades

FCX has been the topic of several research reports. Hsbc Global Res upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. Stifel Nicolaus set a $56.00 price objective on Freeport-McMoRan and gave the stock a "buy" rating in a report on Wednesday, July 9th. Morgan Stanley downgraded Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and raised their price objective for the stock from $45.00 to $54.00 in a report on Tuesday. Royal Bank Of Canada raised their price objective on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. Finally, Scotiabank raised their price objective on Freeport-McMoRan from $48.00 to $52.00 and gave the stock a "sector outperform" rating in a report on Wednesday, July 9th. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $50.71.

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.