Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 190,108 shares of the natural resource company’s stock after purchasing an additional 1,283 shares during the period. Citizens Financial Group Inc. RI’s holdings in Freeport-McMoRan were worth $9,239,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Capital Research Global Investors raised its stake in Freeport-McMoRan by 22.0% during the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after acquiring an additional 13,143,562 shares during the period. Capital International Investors acquired a new stake in shares of Freeport-McMoRan during the 1st quarter worth approximately $417,752,000. Capital World Investors lifted its holdings in shares of Freeport-McMoRan by 40.9% in the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after purchasing an additional 4,396,309 shares during the last quarter. Asia Research & Capital Management Ltd acquired a new position in Freeport-McMoRan during the 1st quarter valued at approximately $197,966,000. Finally, Swedbank AB bought a new position in Freeport-McMoRan during the 1st quarter worth $162,464,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Trading Up 2.0 %

Shares of NYSE FCX opened at $42.66 on Monday. The business has a 50 day simple moving average of $44.29 and a 200 day simple moving average of $47.01. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The stock has a market cap of $61.28 billion, a price-to-earnings ratio of 37.75, a PEG ratio of 1.94 and a beta of 1.89. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. Freeport-McMoRan’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.35 EPS. On average, research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is 26.55%.

Analyst Upgrades and Downgrades

FCX has been the subject of several analyst reports. Scotiabank reduced their price target on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a report on Monday, August 19th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $49.50 to $62.00 in a research report on Friday, June 21st. Finally, Raymond James reduced their price objective on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $53.07.

Freeport-McMoRan Profile

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.