Czech National Bank Has $14.61 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Czech National Bank boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 6.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 292,703 shares of the natural resource company’s stock after buying an additional 18,967 shares during the quarter. Czech National Bank’s holdings in Freeport-McMoRan were worth $14,612,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Fisher Asset Management LLC raised its position in Freeport-McMoRan by 1.8% in the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock valued at $2,369,312,000 after purchasing an additional 976,592 shares during the last quarter. Norden Group LLC raised its position in Freeport-McMoRan by 1,823.1% in the first quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock valued at $11,750,000 after purchasing an additional 236,891 shares during the last quarter. Vanguard Group Inc. raised its position in Freeport-McMoRan by 1.0% in the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after purchasing an additional 1,210,833 shares during the last quarter. SageView Advisory Group LLC bought a new position in Freeport-McMoRan in the first quarter valued at about $770,000. Finally, Bornite Capital Management LP bought a new position in Freeport-McMoRan in the fourth quarter valued at about $21,754,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of FCX traded up $0.78 during mid-day trading on Friday, hitting $50.55. The stock had a trading volume of 11,510,330 shares, compared to its average volume of 13,326,417. The firm has a market cap of $72.61 billion, a P/E ratio of 44.73, a PEG ratio of 2.89 and a beta of 1.90. The business has a fifty day moving average price of $44.18 and a 200-day moving average price of $47.69. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same period in the previous year, the company posted $0.35 EPS. The firm’s revenue for the quarter was up 15.5% compared to the same quarter last year. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.61 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.59%. Freeport-McMoRan’s payout ratio is 26.55%.

Analyst Ratings Changes

FCX has been the subject of a number of analyst reports. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Raymond James raised their price objective on Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. Deutsche Bank Aktiengesellschaft raised their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research report on Monday, June 10th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, Morgan Stanley lowered their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $52.93.

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.