Freeport-McMoRan Inc. $FCX Shares Sold by Lansforsakringar Fondforvaltning AB publ

Lansforsakringar Fondforvaltning AB publ lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 4.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 454,034 shares of the natural resource company’s stock after selling 23,480 shares during the quarter. Lansforsakringar Fondforvaltning AB publ’s holdings in Freeport-McMoRan were worth $26,688,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of FCX. Strategic Investment Solutions Inc. IL purchased a new stake in Freeport-McMoRan in the 4th quarter worth about $25,000. Steph & Co. grew its stake in Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 150 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new position in shares of Freeport-McMoRan in the 4th quarter valued at about $29,000. SHP Wealth Management purchased a new stake in shares of Freeport-McMoRan in the fourth quarter worth approximately $30,000. Finally, JPL Wealth Management LLC purchased a new stake in shares of Freeport-McMoRan in the third quarter worth approximately $33,000. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on FCX. Sanford C. Bernstein boosted their price target on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a research report on Wednesday, June 10th. JPMorgan Chase & Co. cut their target price on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a research note on Monday, April 27th. HSBC boosted their target price on Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Wall Street Zen upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. Finally, UBS Group raised their price target on Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $68.36.

Freeport-McMoRan Trading Up 2.1%

Shares of FCX stock opened at $62.92 on Wednesday. The firm has a market capitalization of $90.45 billion, a P/E ratio of 33.47, a P/E/G ratio of 0.74 and a beta of 1.35. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.28. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The stock’s fifty day simple moving average is $64.33 and its 200 day simple moving average is $61.06.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. The business had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.Freeport-McMoRan’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period last year, the company posted $0.24 earnings per share. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 2.56 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is presently 15.96%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.