SEB Asset Management AB Invests $44.27 Million in Freeport-McMoRan Inc. $FCX

SEB Asset Management AB acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the first quarter, Holdings Channel reports. The fund acquired 753,144 shares of the natural resource company’s stock, valued at approximately $44,270,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. KBC Group NV raised its position in Freeport-McMoRan by 49.0% during the 4th quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock worth $11,267,000 after buying an additional 73,002 shares during the last quarter. Fifth Third Bancorp boosted its holdings in shares of Freeport-McMoRan by 34.5% in the first 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 in the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $8,857,000. Franklin Resources Inc. increased its stake 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 acquiring an additional 8,891,743 shares during the period. Finally, Powszechne Towarzystwo Emerytalne Allianz Polska S.A. increased its stake in shares of Freeport-McMoRan by 175.4% during the fourth quarter. Powszechne Towarzystwo Emerytalne Allianz Polska S.A. now owns 1,379,760 shares of the natural resource company’s stock worth $70,078,000 after acquiring an additional 878,760 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Scotiabank upped their price objective on Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a report on Monday, June 15th. Raymond James Financial cut their price objective on Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research report on Friday, April 24th. Weiss Ratings downgraded Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 7th. Finally, CICC Research decreased their target price on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $68.77.

Freeport-McMoRan Trading Down 0.2%

Freeport-McMoRan stock opened at $58.44 on Friday. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.28. The stock has a market cap of $84.02 billion, a PE ratio of 31.09, a P/E/G ratio of 0.58 and a beta of 1.37. The stock has a 50-day moving average price of $63.87 and a 200 day moving average price of $61.94. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. The business had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.24 earnings per share. Equities research analysts predict that Freeport-McMoRan Inc. will post 2.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

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.