Freeport-McMoRan Inc. $FCX Shares Purchased by Swedbank AB

Key Points

• Swedbank AB increased its holdings in Freeport-McMoRan Inc. by 2.5%, owning approximately 0.17% of the company worth $94.5 million after purchasing additional shares in the first quarter.
• Analysts have raised price targets for Freeport-McMoRan, with Scotiabank increasing theirs from $48.00 to $52.00, while the average target price is now $51.00.
• The company reported a 14.5% year-over-year revenue increase with earnings of $0.54 EPS, surpassing analysts' expectations for the quarter.

Swedbank AB grew its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 2.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,497,303 shares of the natural resource company's stock after buying an additional 60,543 shares during the period. Swedbank AB owned 0.17% of Freeport-McMoRan worth $94,548,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. City Holding Co. purchased a new position in shares of Freeport-McMoRan in the first quarter worth $33,000. Bernard Wealth Management Corp. purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth $35,000. Dagco Inc. purchased a new position in shares of Freeport-McMoRan during the first quarter worth $37,000. CKW Financial Group purchased a new position in shares of Freeport-McMoRan during the first quarter worth $40,000. Finally, Greykasell Wealth Strategies Inc. purchased a new position in shares of Freeport-McMoRan during the first quarter worth $42,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FCX. Morgan Stanley cut shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and raised their target price for the stock from $45.00 to $54.00 in a report on Tuesday, July 15th. Stifel Nicolaus began coverage on shares of Freeport-McMoRan in a report on Wednesday, July 9th. They set a "buy" rating and a $56.00 target price for the company. Hsbc Global Res cut shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. UBS Group cut shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and raised their target price for the stock from $45.00 to $50.00 in a report on Friday, July 11th. Finally, JPMorgan Chase & Co. raised their target price on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $51.00.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX traded up $0.92 during trading on Monday, reaching $45.64. 12,668,515 shares of the company's stock traded hands, compared to its average volume of 10,737,650. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The firm has a market cap of $65.53 billion, a PE ratio of 34.58, a P/E/G ratio of 0.85 and a beta of 1.59. The company has a 50-day simple moving average of $43.68 and a 200-day simple moving average of $40.21.

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 (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. During the same quarter last year, the business earned $0.46 earnings per share. The company's revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were given a $0.15 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. Freeport-McMoRan's dividend payout ratio (DPR) is 22.73%.

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.