Raiffeisen Bank International AG Acquires New Position in Freeport-McMoRan Inc. $FCX

Raiffeisen Bank International AG bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 33,433 shares of the natural resource company’s stock, valued at approximately $1,391,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Nuveen LLC acquired a new stake in shares of Freeport-McMoRan during the first quarter worth $366,959,000. Amundi lifted its stake in Freeport-McMoRan by 28.1% in the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after buying an additional 6,054,537 shares during the period. Crake Asset Management LLP boosted its holdings in Freeport-McMoRan by 2,140.8% during the first quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock worth $224,496,000 after buying an additional 5,665,000 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Freeport-McMoRan by 17.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock worth $1,421,549,000 after buying an additional 5,661,958 shares during the period. Finally, Mizuho Markets Cayman LP bought a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at about $159,147,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 2.5%

Shares of FCX stock opened at $39.97 on Wednesday. The firm has a fifty day moving average of $41.39 and a 200-day moving average of $41.84. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $49.12. The company has a market capitalization of $57.39 billion, a price-to-earnings ratio of 28.15, a P/E/G ratio of 0.94 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.41 by $0.09. The business had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The firm’s revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.38 EPS. As a group, equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.13%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on FCX shares. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price objective on the stock in a research note on Tuesday, September 30th. Scotiabank increased their target price on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 28th. CICC Research reduced their price target on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research report on Friday, September 26th. Wells Fargo & Company upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Wednesday, October 8th. Finally, Wall Street Zen downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.01.

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.