Nissay Asset Management Corp Japan ADV raised its stake in Freeport-McMoRan Inc (NYSE:FCX) by 3.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 174,783 shares of the natural resource company’s stock after buying an additional 5,438 shares during the period. Nissay Asset Management Corp Japan ADV’s holdings in Freeport-McMoRan were worth $3,017,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Global X Management Co. LLC boosted its holdings in Freeport-McMoRan by 12.6% in the first quarter. Global X Management Co. LLC now owns 283,724 shares of the natural resource company’s stock valued at $4,985,000 after acquiring an additional 31,711 shares during the last quarter. Hanseatic Management Services Inc. acquired a new position in Freeport-McMoRan in the first quarter valued at approximately $837,000. Daiwa Securities Group Inc. lifted its stake in Freeport-McMoRan by 9.1% in the first quarter. Daiwa Securities Group Inc. now owns 45,830 shares of the natural resource company’s stock valued at $805,000 after buying an additional 3,813 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new position in Freeport-McMoRan in the first quarter valued at approximately $767,000. Finally, Morse Asset Management Inc lifted its stake in Freeport-McMoRan by 18.9% in the first quarter. Morse Asset Management Inc now owns 27,700 shares of the natural resource company’s stock valued at $487,000 after buying an additional 4,400 shares during the period. 72.76% of the stock is owned by institutional investors.
Shares of NYSE:FCX opened at $14.12 on Tuesday. The company has a current ratio of 2.72, a quick ratio of 1.62 and a debt-to-equity ratio of 0.87. Freeport-McMoRan Inc has a twelve month low of $13.22 and a twelve month high of $20.25. The company has a market cap of $20.24 billion, a PE ratio of 7.39 and a beta of 2.46.
Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Wednesday, July 25th. The natural resource company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.04. Freeport-McMoRan had a return on equity of 24.01% and a net margin of 14.87%. The company had revenue of $5.17 billion for the quarter, compared to analyst estimates of $4.97 billion. During the same period in the prior year, the firm earned $0.17 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 39.3% on a year-over-year basis. equities analysts predict that Freeport-McMoRan Inc will post 1.95 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 1st. Stockholders of record on Friday, July 13th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date of this dividend was Thursday, July 12th. Freeport-McMoRan’s payout ratio is 17.09%.
Several equities analysts have issued reports on the company. Alembic Global Advisors raised Freeport-McMoRan from a “neutral” rating to a “buy” rating in a research note on Wednesday, May 23rd. B. Riley raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price target for the company from $17.00 to $20.00 in a research note on Wednesday, May 23rd. Berenberg Bank reissued a “sell” rating and issued a $15.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, May 23rd. Zacks Investment Research lowered Freeport-McMoRan from a “hold” rating to a “strong sell” rating in a research note on Monday, May 28th. Finally, Morgan Stanley boosted their price target on Freeport-McMoRan from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Friday, June 29th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $17.97.
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
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