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

Key Points

• OVERSEA CHINESE BANKING Corp Ltd increased its stake in Freeport-McMoRan Inc. by 267.6% in the first quarter, owning 39,949 shares valued at approximately $1.60 million.
• Freeport-McMoRan reported a quarterly earnings per share (EPS) of $0.54, exceeding the consensus estimate of $0.45, and generated revenue of $7.58 billion during the same period.
• The company recently declared a quarterly dividend of $0.15, resulting in an annualized dividend yield of 1.5% for shareholders of record.

OVERSEA CHINESE BANKING Corp Ltd increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 267.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the business. Mizuho Bank Ltd. purchased a new stake in Freeport-McMoRan during the 4th quarter valued at approximately $26,000. Coppell Advisory Solutions LLC grew its stake in Freeport-McMoRan by 47.4% in the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock worth $32,000 after purchasing an additional 268 shares in the last quarter. City Holding Co. bought a new position in Freeport-McMoRan in the first quarter worth about $33,000. Bernard Wealth Management Corp. bought a new stake in shares of Freeport-McMoRan during the fourth quarter valued at approximately $35,000. Finally, Wolff Wiese Magana LLC raised its holdings in Freeport-McMoRan by 38.2% during the first quarter. Wolff Wiese Magana LLC now owns 1,153 shares of the natural resource company's stock worth $44,000 after purchasing an additional 319 shares in the last quarter. Hedge funds and other 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. Wolfe Research raised shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 target price for the company in a research note on Wednesday, April 16th. Morgan Stanley lowered shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and upped their target price for the stock from $45.00 to $54.00 in a research report on Tuesday, July 15th. JPMorgan Chase & Co. upped their target price on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. Citigroup lifted their price objective on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Finally, Stifel Canada upgraded shares of Freeport-McMoRan to a "strong-buy" rating in a research note on Tuesday, July 8th. Eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $51.00.

Freeport-McMoRan Price Performance

NYSE FCX traded up $0.40 on Thursday, reaching $40.26. The company's stock had a trading volume of 3,029,090 shares, compared to its average volume of 16,081,718. The firm has a market cap of $57.86 billion, a PE ratio of 30.56, a price-to-earnings-growth ratio of 0.75 and a beta of 1.63. 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 52 week low of $27.66 and a 52 week high of $52.61. The business has a 50-day moving average price of $42.78 and a 200 day moving average price of $39.05.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. The company had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm's revenue was up 14.5% compared to the same quarter last year. During the same period last year, the company earned $0.46 earnings per share. Sell-side analysts expect 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 was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 22.73%.

Insider Activity

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction that occurred on Monday, June 2nd. The shares were 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 of the company's stock, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.75% of the stock is currently owned by company insiders.

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.