Skandinaviska Enskilda Banken AB publ Sells 72,427 Shares of Freeport-McMoRan Inc. $FCX

by · The Cerbat Gem

Skandinaviska Enskilda Banken AB publ trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 18.2% during the second quarter, Holdings Channel.com reports. The fund owned 325,552 shares of the natural resource company’s stock after selling 72,427 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Freeport-McMoRan were worth $14,113,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Nuveen LLC purchased a new position in Freeport-McMoRan during the first quarter worth about $366,959,000. Amundi lifted its position in shares of Freeport-McMoRan by 28.1% during the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after buying an additional 6,054,537 shares in the last quarter. Crake Asset Management LLP grew its holdings in shares of Freeport-McMoRan by 2,140.8% in the first quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock valued at $224,496,000 after acquiring an additional 5,665,000 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Freeport-McMoRan by 17.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock valued at $1,421,549,000 after acquiring an additional 5,661,958 shares in the last quarter. Finally, Mizuho Markets Cayman LP purchased a new stake in shares of Freeport-McMoRan during the second quarter valued at approximately $159,147,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 1.8%

Shares of Freeport-McMoRan stock opened at $42.91 on Friday. The stock has a market capitalization of $61.61 billion, a P/E ratio of 30.21, a P/E/G ratio of 0.94 and a beta of 1.64. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $49.12. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45. The stock’s 50-day simple moving average is $40.75 and its 200 day simple moving average is $41.99.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. The firm had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the business earned $0.38 earnings per share. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were issued a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.13%.

Wall Street Analysts Forecast Growth

FCX has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their price objective on Freeport-McMoRan from $46.00 to $50.00 and gave the stock an “overweight” rating in a research report on Thursday, October 9th. 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. Dbs Bank reduced their price target on shares of Freeport-McMoRan from $51.00 to $48.00 in a research report on Thursday, October 2nd. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Clarkson Capital upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 target price on the stock in a research note on Wednesday, November 19th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Freeport-McMoRan has a consensus rating of “Buy” and a consensus price target of $46.73.

View Our Latest Research Report on Freeport-McMoRan

Freeport-McMoRan Company Profile

(Free Report)

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.

See Also

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