Asset Management One Co. Ltd. Grows Position in Freeport-McMoRan Inc. $FCX

Key Points

• Asset Management One Co. Ltd. increased its stake in Freeport-McMoRan Inc. by 1.1%, holding 643,302 shares worth approximately $27.9 million as of the end of the last quarter.
• Freeport-McMoRan reported a quarterly earnings per share (EPS) of $0.50, exceeding analyst expectations, and had a revenue of $6.97 billion for the quarter.
• The company declared a quarterly dividend of $0.15 per share, representing an annualized yield of 1.5%, with the payout ratio currently at 22.73%.

Asset Management One Co. Ltd. raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 1.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 643,302 shares of the natural resource company's stock after acquiring an additional 6,707 shares during the period. Asset Management One Co. Ltd.'s holdings in Freeport-McMoRan were worth $27,887,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. FSM Wealth Advisors LLC purchased a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at about $245,000. First Citizens Bank & Trust Co. purchased a new position in shares of Freeport-McMoRan during the 2nd quarter valued at about $247,000. Bleakley Financial Group LLC raised its holdings in shares of Freeport-McMoRan by 6.5% during the 2nd quarter. Bleakley Financial Group LLC now owns 86,076 shares of the natural resource company's stock valued at $3,731,000 after buying an additional 5,236 shares in the last quarter. Strategic Blueprint LLC raised its holdings in shares of Freeport-McMoRan by 6.1% during the 2nd quarter. Strategic Blueprint LLC now owns 93,204 shares of the natural resource company's stock valued at $4,040,000 after buying an additional 5,352 shares in the last quarter. Finally, Ethic Inc. raised its holdings in shares of Freeport-McMoRan by 3.5% during the 2nd quarter. Ethic Inc. now owns 31,727 shares of the natural resource company's stock valued at $1,392,000 after buying an additional 1,059 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $41.34 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.21. The business's 50 day simple moving average is $42.55 and its two-hundred day simple moving average is $40.97. The stock has a market capitalization of $59.36 billion, a P/E ratio of 29.12, a price-to-earnings-growth ratio of 0.96 and a beta of 1.58. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $49.21.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, topping analysts' consensus estimates 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 return on equity of 7.84% and a net margin of 7.97%.The business's quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.38 EPS. Analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current 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 given a dividend of $0.15 per share. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. Freeport-McMoRan's payout ratio is currently 22.73%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FCX. Hsbc Global Res raised Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Thursday, October 16th. Deutsche Bank Aktiengesellschaft decreased their price objective on Freeport-McMoRan from $47.00 to $45.00 and set a "buy" rating on the stock in a report on Thursday, October 2nd. Wells Fargo & Company raised Freeport-McMoRan to a "strong-buy" rating in a report on Wednesday, October 8th. Wall Street Zen raised Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Saturday. Finally, Clarkson Capital reissued a "neutral" rating and set a $42.00 price objective on shares of Freeport-McMoRan in a report on Thursday, September 25th. Four investment 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. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $46.92.

About Freeport-McMoRan

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.

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