OVERSEA CHINESE BANKING Corp Ltd Makes New $835,000 Investment in Freeport-McMoRan Inc. $FCX

OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 2nd quarter, Holdings Channel reports. The firm acquired 13,366 shares of the natural resource company’s stock, valued at approximately $835,000.

Other institutional investors also recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $25,000. Steph & Co. increased its stake in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after buying an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new stake in Freeport-McMoRan in the first quarter valued at $29,000. Kemnay Advisory Services Inc. acquired a new stake in Freeport-McMoRan in the fourth quarter valued at $29,000. Finally, SHP Wealth Management bought a new position in Freeport-McMoRan during the 4th quarter valued at $30,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on FCX shares. CICC Research decreased their price objective on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a report on Tuesday, April 28th. BNP Paribas Exane upped their target price on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the company an “outperform” rating in a research note on Thursday, June 18th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. Jefferies Financial Group lifted their price target on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, June 8th. Finally, Morgan Stanley lifted their price target on Freeport-McMoRan from $66.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.27.

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 14,277 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the transaction, the chief accounting officer owned 54,618 shares of the company’s stock, valued at $3,795,951. This trade represents a 20.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Ellie L. Mikes sold 4,773 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, August 5th. The shares were 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 owned 36,000 shares of the company’s stock, valued at approximately $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 26,600 shares of company stock valued at $1,802,012. Insiders own 0.73% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $76.68 on Friday. The stock has a market capitalization of $110.11 billion, a PE ratio of 37.77, a price-to-earnings-growth ratio of 0.71 and a beta of 1.37. The business’s fifty day moving average price is $64.55 and its 200 day moving average price is $63.42. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $77.33.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.12. The firm had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The firm’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.54 earnings per share. Equities research analysts forecast that Freeport-McMoRan Inc. will post 2.79 EPS for the current year.

Freeport-McMoRan Dividend Announcement

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

Freeport-McMoRan Company 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.