Skandinaviska Enskilda Banken AB publ Acquires 13,500 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Skandinaviska Enskilda Banken AB publ increased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 4.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 296,470 shares of the natural resource company’s stock after purchasing an additional 13,500 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Freeport-McMoRan were worth $14,408,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of 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 worth $5,675,241,000 after purchasing an additional 1,210,833 shares during the last quarter. Capital Research Global Investors grew its stake in shares of Freeport-McMoRan by 22.0% in the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after purchasing an additional 13,143,562 shares during the last quarter. Fisher Asset Management LLC grew its stake in shares of 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 worth $2,369,312,000 after purchasing an additional 976,592 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Freeport-McMoRan by 6.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock valued at $1,734,234,000 after acquiring an additional 2,392,800 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Freeport-McMoRan by 7.9% during the first quarter. Bank of New York Mellon Corp now owns 21,157,118 shares of the natural resource company’s stock valued at $994,808,000 after acquiring an additional 1,551,828 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 1.4 %

FCX opened at $44.51 on Friday. 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 fifty-two week low of $32.83 and a fifty-two week high of $55.24. The firm has a market capitalization of $63.94 billion, a PE ratio of 39.39, a P/E/G ratio of 1.94 and a beta of 1.89. The company’s 50-day moving average is $43.55 and its 200 day moving average is $47.09.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same quarter in the prior year, the business posted $0.35 EPS. The firm’s revenue was up 15.5% compared to the same quarter last year. As a group, research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were issued a $0.15 dividend. The ex-dividend date was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.35%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price target for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Scotiabank cut their price target on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, August 19th. StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Four equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $52.79.

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.