Asset Management One Co. Ltd. Grows Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Asset Management One Co. Ltd. lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 6.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 636,595 shares of the natural resource company's stock after purchasing an additional 38,838 shares during the period. Asset Management One Co. Ltd.'s holdings in Freeport-McMoRan were worth $24,101,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Mizuho Bank Ltd. acquired a new position in Freeport-McMoRan during the 4th quarter worth $26,000. Vision Financial Markets LLC acquired a new position in Freeport-McMoRan in the fourth quarter valued at approximately $27,000. Kohmann Bosshard Financial Services LLC bought a new position in Freeport-McMoRan in the fourth quarter valued at approximately $29,000. Coppell Advisory Solutions LLC grew its position in shares of Freeport-McMoRan by 47.4% in the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock valued at $32,000 after acquiring an additional 268 shares during the period. Finally, City Holding Co. bought a new stake in Freeport-McMoRan in the 1st quarter valued at about $33,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Wolfe Research raised shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 price target on the stock in a research report on Wednesday, April 16th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $50.00 price objective (up previously from $48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target on the stock in a research report on Thursday, March 6th. UBS Group reduced their price objective on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Finally, Royal Bank Of Canada lifted their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $48.27.

Insiders Place Their Bets

In other news, CAO Ellie L. Mikes sold 8,584 shares of the business's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the sale, the chief accounting officer now directly owns 48,333 shares in the company, valued at $1,934,286.66. The trade was a 15.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.75% of the stock is owned by insiders.

Freeport-McMoRan Stock Up 7.0%

FCX stock traded up $2.90 during trading on Thursday, reaching $44.51. The stock had a trading volume of 20,452,828 shares, compared to its average volume of 15,620,007. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $52.61. The firm has a fifty day moving average price of $38.77 and a 200 day moving average price of $38.17. The company has a current ratio of 2.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $63.97 billion, a P/E ratio of 36.79, a PEG ratio of 0.82 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.01. The company had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.36 billion. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. Freeport-McMoRan's quarterly revenue was down 9.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.32 earnings per share. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.35%. Freeport-McMoRan's payout ratio is 24.79%.

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.