Nordea Investment Management AB Acquires 14,397 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Nordea Investment Management AB increased its holdings in Freeport-McMoRan by 0.8%, acquiring an additional 14,397 shares during the second quarter, bringing its total ownership to approximately 1.87 million shares valued at $82.2 million.
• Several institutional investors, including Strengthening Families & Communities LLC and Cypress Wealth Services LLC, also adjusted their positions in Freeport-McMoRan, indicating strong institutional interest in the stock.
• Despite a recent dip in stock price, Freeport-McMoRan has received multiple rating upgrades, with analysts setting a consensus price target of $46.92 and noting an expected EPS of 1.68 for the current year.

Nordea Investment Management AB lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 0.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,874,950 shares of the natural resource company's stock after purchasing an additional 14,397 shares during the period. Nordea Investment Management AB owned about 0.13% of Freeport-McMoRan worth $82,198,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in FCX. Strengthening Families & Communities LLC grew its holdings in Freeport-McMoRan by 0.6% in the 2nd quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company's stock worth $1,822,000 after acquiring an additional 261 shares during the last quarter. Cypress Wealth Services LLC grew its holdings in Freeport-McMoRan by 4.6% in the 2nd quarter. Cypress Wealth Services LLC now owns 6,230 shares of the natural resource company's stock worth $270,000 after acquiring an additional 273 shares during the last quarter. Kestra Private Wealth Services LLC grew its holdings in Freeport-McMoRan by 0.4% in the 1st quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company's stock worth $2,348,000 after acquiring an additional 275 shares during the last quarter. Princeton Capital Management LLC grew its holdings in Freeport-McMoRan by 1.1% in the 1st quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company's stock worth $984,000 after acquiring an additional 275 shares during the last quarter. Finally, Capital Investment Advisory Services LLC grew its holdings in Freeport-McMoRan by 3.2% in the 1st quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company's stock worth $345,000 after acquiring an additional 278 shares during the last quarter. Institutional investors own 80.77% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on FCX shares. Citigroup raised shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $48.00 price target on the stock in a report on Wednesday, October 8th. CICC Research cut their price target on shares of Freeport-McMoRan from $51.60 to $42.30 and set an "outperform" rating on the stock in a report on Friday, September 26th. Wall Street Zen lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Friday, September 26th. Wells Fargo & Company raised shares of Freeport-McMoRan to a "strong-buy" rating in a research note on Wednesday, October 8th. Finally, Sanford C. Bernstein cut their target price on shares of Freeport-McMoRan from $48.50 to $45.00 and set an "outperform" rating on the stock in a research note on Tuesday, October 14th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $46.92.

Freeport-McMoRan Trading Down 1.2%

Shares of FCX opened at $41.18 on Friday. The firm's 50-day moving average price is $42.64 and its 200-day moving average price is $40.66. The firm has a market capitalization of $59.12 billion, a price-to-earnings ratio of 31.20, a PEG ratio of 0.94 and a beta of 1.58. 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 Inc. has a 1-year low of $27.66 and a 1-year high of $50.12.

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

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan's dividend payout ratio (DPR) is 22.73%.

Freeport-McMoRan Company 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.

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