Lansforsakringar Fondforvaltning AB publ Cuts Stock Position in Freeport-McMoRan Inc. $FCX

Key Points

• Lansforsakringar Fondforvaltning AB decreased its position in Freeport-McMoRan by 1.9%, selling 8,846 shares and leaving them with 458,993 shares valued at approximately $17.4 million.
• Freeport-McMoRan reported a $0.54 earnings per share for the recent quarter, exceeding analysts' expectations of $0.45, along with a revenue of $7.58 billion.
• The company has announced a quarterly dividend of $0.15 per share, which translates to an annual yield of 1.4% and a payout ratio of 22.73%.

Lansforsakringar Fondforvaltning AB publ decreased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 1.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 458,993 shares of the natural resource company's stock after selling 8,846 shares during the period. Lansforsakringar Fondforvaltning AB publ's holdings in Freeport-McMoRan were worth $17,377,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently bought and sold shares of FCX. Kestra Private Wealth Services LLC lifted its position in shares of Freeport-McMoRan by 0.4% during the 1st quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company's stock valued at $2,348,000 after buying an additional 275 shares in the last quarter. Princeton Capital Management LLC grew its position in shares of Freeport-McMoRan by 1.1% during the first quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company's stock valued at $984,000 after purchasing an additional 275 shares in the last quarter. Capital Investment Advisory Services LLC increased its position in Freeport-McMoRan by 3.2% in the first quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company's stock worth $345,000 after purchasing an additional 278 shares during the last quarter. Capital Analysts LLC grew its position in Freeport-McMoRan by 12.5% in the first quarter. Capital Analysts LLC now owns 2,550 shares of the natural resource company's stock worth $96,000 after acquiring an additional 284 shares in the last quarter. Finally, Sargent Investment Group LLC boosted its holdings in shares of Freeport-McMoRan by 2.8% in the 1st quarter. Sargent Investment Group LLC now owns 10,421 shares of the natural resource company's stock worth $395,000 after purchasing an additional 285 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock traded up $1.11 during trading hours on Wednesday, reaching $46.05. The stock had a trading volume of 4,651,721 shares, compared to its average volume of 15,443,449. The firm has a market capitalization of $66.11 billion, a PE ratio of 34.91, a PEG ratio of 0.84 and a beta of 1.59. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $52.61. The stock's 50 day moving average is $43.47 and its 200 day moving average is $39.72. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The business had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. During the same quarter in the previous year, the firm earned $0.46 EPS. The company's quarterly revenue was up 14.5% compared to the same quarter last year. Equities 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 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. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. Freeport-McMoRan's dividend payout ratio is currently 22.73%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FCX. Hsbc Global Res lowered Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 22nd. UBS Group lowered Freeport-McMoRan from a "buy" rating to a "neutral" rating and upped their target price for the stock from $45.00 to $50.00 in a report on Friday, July 11th. Citigroup raised their price objective on Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. BMO Capital Markets lowered their price target on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. 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 research note on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $51.00.

About Freeport-McMoRan

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.