Swedbank AB Raises Stock Position in Freeport-McMoRan Inc. $FCX

Key Points

• Swedbank AB increased its stake in Freeport-McMoRan Inc. by 4.2%, holding approximately 2.6 million shares valued at $112.8 million as of the end of the second quarter.
• The company recently reported earnings of $0.54 per share, exceeding expectations and showing a 14.5% year-over-year revenue increase to $7.58 billion.
• Freeport-McMoRan declared a quarterly dividend of $0.15 per share, leading to an annualized yield of 1.3%.

Swedbank AB boosted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 4.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,602,226 shares of the natural resource company's stock after purchasing an additional 104,923 shares during the period. Swedbank AB owned approximately 0.18% of Freeport-McMoRan worth $112,806,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. City Holding Co. purchased a new position in Freeport-McMoRan during the first quarter worth about $33,000. Bernard Wealth Management Corp. purchased a new position in Freeport-McMoRan during the fourth quarter worth about $35,000. Dagco Inc. purchased a new position in Freeport-McMoRan during the first quarter worth about $37,000. CKW Financial Group purchased a new position in Freeport-McMoRan during the first quarter worth about $40,000. Finally, Greykasell Wealth Strategies Inc. purchased a new position in Freeport-McMoRan during the first quarter worth about $42,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Down 0.3%

Freeport-McMoRan stock opened at $44.95 on Friday. The firm has a market capitalization of $64.54 billion, a P/E ratio of 34.06, a P/E/G ratio of 0.84 and a beta of 1.59. 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 twelve month low of $27.66 and a twelve month high of $52.61. The stock's fifty day simple moving average is $43.60 and its 200-day simple moving average is $40.35.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its 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 firm had revenue of $7.58 billion during the quarter, compared to analysts' expectations of $6.85 billion. During the same period in the previous year, the firm posted $0.46 EPS. Freeport-McMoRan's revenue for the quarter was up 14.5% on a year-over-year basis. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Analyst Ratings Changes

A number of brokerages have weighed in on FCX. Hsbc Global Res cut shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 22nd. Stifel Nicolaus began coverage on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. They set a "buy" rating and a $56.00 price target for the company. Stifel Canada upgraded shares of Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. UBS Group cut shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and lifted their price target for the company from $45.00 to $50.00 in a research report on Friday, July 11th. Finally, Royal Bank Of Canada lifted their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and an average target price of $51.33.

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.

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