Handelsbanken Fonder AB Has $24.01 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Handelsbanken Fonder AB raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 11.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 564,017 shares of the natural resource company’s stock after acquiring an additional 57,778 shares during the quarter. Handelsbanken Fonder AB’s holdings in Freeport-McMoRan were worth $24,010,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Fulton Bank N.A. increased its position in Freeport-McMoRan by 2.6% in the 4th quarter. Fulton Bank N.A. now owns 10,606 shares of the natural resource company’s stock valued at $451,000 after acquiring an additional 267 shares during the period. Drive Wealth Management LLC boosted its stake in shares of Freeport-McMoRan by 2.8% in the 4th quarter. Drive Wealth Management LLC now owns 9,840 shares of the natural resource company’s stock valued at $419,000 after purchasing an additional 267 shares during the last quarter. Sound Income Strategies LLC boosted its stake in shares of Freeport-McMoRan by 38.8% in the 4th quarter. Sound Income Strategies LLC now owns 965 shares of the natural resource company’s stock valued at $41,000 after purchasing an additional 270 shares during the last quarter. PFG Investments LLC boosted its stake in shares of Freeport-McMoRan by 1.7% in the 4th quarter. PFG Investments LLC now owns 16,844 shares of the natural resource company’s stock valued at $717,000 after purchasing an additional 285 shares during the last quarter. Finally, Oarsman Capital Inc. boosted its stake in shares of Freeport-McMoRan by 0.7% in the 3rd quarter. Oarsman Capital Inc. now owns 45,869 shares of the natural resource company’s stock valued at $1,710,000 after purchasing an additional 304 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 1.3 %

Shares of NYSE FCX opened at $48.98 on Tuesday. The stock has a market capitalization of $70.26 billion, a P/E ratio of 38.57, a P/E/G ratio of 2.28 and a beta of 2.04. The company has a 50-day moving average price of $43.80 and a 200-day moving average price of $40.06. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $52.42. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.42 and a quick ratio of 1.38.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.04. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The firm had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same period last year, the company earned $0.52 earnings per share. The business’s revenue was up 2.6% on a year-over-year basis. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.57 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s payout ratio is currently 23.62%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a research note on Tuesday, April 9th. JPMorgan Chase & Co. upped their price objective on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Finally, Raymond James raised their price target on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a report on Thursday, January 4th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $49.23.

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.