Lansforsakringar Fondforvaltning AB publ Buys New Position in Freeport-McMoRan Inc. (NYSE:FCX)

Lansforsakringar Fondforvaltning AB publ acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 467,839 shares of the natural resource company's stock, valued at approximately $17,815,000.

Other institutional investors have also modified their holdings of the company. Asset Planning Inc acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $25,000. Mizuho Bank Ltd. acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $26,000. Vision Financial Markets LLC acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $27,000. Roxbury Financial LLC acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $28,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $29,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Wall Street Zen lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Tuesday, April 8th. Scotiabank boosted their target price on Freeport-McMoRan from $40.00 to $43.00 and gave the stock a "sector perform" rating in a research report on Wednesday, May 14th. UBS Group cut their target price on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Wolfe Research raised Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price target on the stock in a research report on Wednesday, April 16th. Finally, Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target on the stock in a research report on Thursday, March 6th. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.36.

Freeport-McMoRan Stock Down 1.5%

FCX stock traded down $0.57 during mid-day trading on Friday, hitting $38.46. The stock had a trading volume of 17,234,797 shares, compared to its average volume of 13,450,098. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $53.15. The company has a fifty day moving average of $36.27 and a 200 day moving average of $38.38. The stock has a market capitalization of $55.27 billion, a price-to-earnings ratio of 29.81, a PEG ratio of 0.87 and a beta of 1.65.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. The company had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The firm's revenue was down 9.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.32 EPS. On average, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were paid a dividend of $0.15 per share. The ex-dividend date was Tuesday, April 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.56%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 24.79%.

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.