OLD National Bancorp IN Buys 2,578 Shares of Freeport-McMoRan Inc. $FCX

OLD National Bancorp IN grew its position in Freeport-McMoRan Inc. (NYSE:FCX) by 21.7% during the second quarter, HoldingsChannel reports. The firm owned 14,483 shares of the natural resource company’s stock after buying an additional 2,578 shares during the quarter. OLD National Bancorp IN’s holdings in Freeport-McMoRan were worth $628,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in Freeport-McMoRan by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company’s stock worth $4,734,101,000 after acquiring an additional 1,822,987 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Freeport-McMoRan by 17.8% in the first 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 purchasing an additional 5,661,958 shares during the period. Amundi lifted its position in shares of Freeport-McMoRan by 28.1% during the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after purchasing an additional 6,054,537 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Freeport-McMoRan by 13.7% during the 1st quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock valued at $830,726,000 after purchasing an additional 2,642,810 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Freeport-McMoRan by 16.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company’s stock valued at $498,270,000 after buying an additional 1,815,285 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $40.35 on Tuesday. The business has a 50 day simple moving average of $42.40 and a 200 day simple moving average of $40.54. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The company has a market capitalization of $57.93 billion, a PE ratio of 30.57, a price-to-earnings-growth ratio of 0.87 and a beta of 1.58. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $51.19.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.09. The firm had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.46 earnings per share. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 22.73%.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $46.00 price target on shares of Freeport-McMoRan in a report on Wednesday, September 24th. UBS Group set a $48.00 price target on Freeport-McMoRan and gave the company a “buy” rating in a report on Friday. Johnson Rice decreased their price objective on Freeport-McMoRan from $55.00 to $48.00 in a report on Monday, September 29th. CICC Research lowered their price objective on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research report on Friday, September 26th. Finally, Morgan Stanley cut Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $45.00 to $54.00 in a research report on Tuesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $46.74.

Freeport-McMoRan Company 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.