Saudi Central Bank Has $6.33 Million Position in Freeport-McMoRan Inc. $FCX

Saudi Central Bank lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 89.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 100,604 shares of the natural resource company’s stock after purchasing an additional 47,602 shares during the quarter. Saudi Central Bank’s holdings in Freeport-McMoRan were worth $6,327,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Fifth Third Bancorp increased its position in Freeport-McMoRan by 34.5% in the 1st quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company’s stock valued at $62,478,000 after acquiring an additional 272,726 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth $8,857,000. Franklin Resources Inc. lifted its holdings in shares of Freeport-McMoRan by 31.2% during the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after purchasing an additional 8,891,743 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in shares of Freeport-McMoRan by 205.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 317,429 shares of the natural resource company’s stock worth $16,122,000 after purchasing an additional 213,477 shares during the last quarter. Finally, Applied Finance Capital Management LLC bought a new stake in shares of Freeport-McMoRan in the fourth quarter worth $868,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CAO Stephen T. Higgins sold 14,277 shares of Freeport-McMoRan stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of the sale, the chief accounting officer owned 54,618 shares in the company, valued at $3,795,951. The trade was a 20.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Ellie L. Mikes sold 4,773 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the transaction, the chief accounting officer owned 36,000 shares in the company, valued at $2,520,000. The trade was a 11.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 110,398 shares of company stock valued at $8,387,271. Company insiders own 0.73% of the company’s stock.

Wall Street Analyst Weigh In

FCX has been the subject of several analyst reports. UBS Group raised their target price on Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. Citigroup restated a “positive” rating on shares of Freeport-McMoRan in a research report on Wednesday, July 15th. Finally, Sanford C. Bernstein lifted their price objective on Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research note on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.27.

Freeport-McMoRan Price Performance

FCX stock opened at $72.66 on Friday. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The firm has a market cap of $104.34 billion, a price-to-earnings ratio of 35.79, a PEG ratio of 0.71 and a beta of 1.41. The company’s fifty day simple moving average is $66.40 and its 200 day simple moving average is $64.37. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $80.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. The firm had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business’s revenue was down 7.3% compared to the same quarter last year. During the same period last year, the business posted $0.54 EPS. On average, analysts expect that Freeport-McMoRan Inc. will post 2.81 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were paid a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 14.78%.

Freeport-McMoRan 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.