Swedbank AB Boosts Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Swedbank AB increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,523,399 shares of the natural resource company’s stock after buying an additional 58,978 shares during the period. Swedbank AB’s holdings in Freeport-McMoRan were worth $125,968,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Deane Retirement Strategies Inc. increased its holdings in Freeport-McMoRan by 0.4% during the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after buying an additional 201 shares during the last quarter. Koshinski Asset Management Inc. increased its stake in shares of Freeport-McMoRan by 1.0% in the third quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock worth $1,037,000 after purchasing an additional 214 shares in the last quarter. Trust Co. of Vermont increased its stake in shares of Freeport-McMoRan by 5.2% in the third quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after purchasing an additional 228 shares in the last quarter. Fidelis Capital Partners LLC increased its stake in shares of Freeport-McMoRan by 2.0% in the third quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock worth $560,000 after purchasing an additional 231 shares in the last quarter. Finally, Prospera Private Wealth LLC increased its stake in shares of Freeport-McMoRan by 4.4% in the third quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock worth $277,000 after purchasing an additional 234 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

FCX stock opened at $43.72 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. Freeport-McMoRan Inc. has a one year low of $36.04 and a one year high of $55.24. The stock has a market cap of $62.82 billion, a PE ratio of 31.91, a P/E/G ratio of 1.89 and a beta of 1.91. The firm has a 50 day simple moving average of $46.87 and a two-hundred day simple moving average of $47.12.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter in the previous year, the company earned $0.39 EPS. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. On average, analysts predict that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were paid a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.69%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on FCX shares. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. lifted their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Raymond James lifted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Morgan Stanley decreased their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $54.00.

Freeport-McMoRan Company 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.