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

Saudi Central Bank grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 89.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 100,604 shares of the natural resource company’s stock after acquiring 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 & Exchange Commission.

A number of other institutional investors also recently modified their holdings of FCX. Jupiter Topco LLC bought a new position in shares of Freeport-McMoRan in the 2nd quarter worth $739,890,000. Arrowstreet Capital Limited Partnership increased its stake in Freeport-McMoRan by 98.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock valued at $1,014,434,000 after purchasing an additional 9,924,573 shares in the last quarter. Franklin Resources Inc. increased its stake in Freeport-McMoRan by 31.2% during the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after purchasing an additional 8,891,743 shares in the last quarter. Amundi raised its holdings in Freeport-McMoRan by 102.5% during the fourth quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock worth $721,806,000 after buying an additional 7,192,955 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in Freeport-McMoRan by 20.0% during the first quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock worth $2,489,069,000 after buying an additional 7,044,775 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on FCX shares. Wells Fargo & Company lifted their price objective on shares of Freeport-McMoRan from $68.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, July 24th. BMO Capital Markets restated an “outperform” rating and issued a $78.00 target price on shares of Freeport-McMoRan in a report on Thursday, July 23rd. Weiss Ratings raised shares of Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 31st. Morgan Stanley lifted their price target on Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 8th. Finally, Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. One research 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. According to MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $70.27.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $72.66 on Friday. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $80.24. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. 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 has a fifty day moving average price of $66.40 and a 200-day moving average price of $64.37.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The company had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. During the same quarter in the prior year, the company posted $0.54 earnings per share. The firm’s revenue for the quarter was down 7.3% on a year-over-year basis. As a group, equities research analysts predict that Freeport-McMoRan Inc. will post 2.81 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were paid a $0.075 dividend. The ex-dividend date 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 14.78%.

Insider Activity

In other news, CAO Ellie L. Mikes sold 4,773 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of the transaction, the chief accounting officer directly owned 36,000 shares of the company’s stock, valued at $2,520,000. This represents a 11.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Douglas N. Currault II sold 80,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total value of $6,284,800.00. Following the sale, the executive vice president directly owned 211,016 shares of the company’s stock, valued at $16,577,416.96. The trade was a 27.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 110,398 shares of company stock worth $8,387,271. Corporate insiders own 0.73% of the company’s stock.

About Freeport-McMoRan

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.