Meiji Yasuda Asset Management Co Ltd. Has $1.11 Million Position in Freeport-McMoRan Inc. $FCX

Key Points

• Meiji Yasuda Asset Management Co Ltd. reduced its holdings in Freeport-McMoRan Inc. by 60.6%, leaving them with 29,308 shares valued at $1.11 million as of the latest SEC filing.
• Freeport-McMoRan reported an EPS of $0.54 for the last quarter, exceeding the consensus estimate of $0.45, with revenues of $7.58 billion.
• The company recently announced a quarterly dividend of $0.15 per share, resulting in an annualized dividend yield of 1.4% and a payout ratio of 22.73%.

Meiji Yasuda Asset Management Co Ltd. decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 60.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,308 shares of the natural resource company's stock after selling 45,044 shares during the period. Meiji Yasuda Asset Management Co Ltd.'s holdings in Freeport-McMoRan were worth $1,110,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Kestra Private Wealth Services LLC increased its holdings in shares of Freeport-McMoRan by 0.4% during the first quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company's stock worth $2,348,000 after buying an additional 275 shares in the last quarter. Princeton Capital Management LLC grew its stake in shares of Freeport-McMoRan by 1.1% during the first quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company's stock valued at $984,000 after purchasing an additional 275 shares during the last quarter. Capital Investment Advisory Services LLC grew its stake in shares of Freeport-McMoRan by 3.2% during the first quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company's stock valued at $345,000 after purchasing an additional 278 shares during the last quarter. Capital Analysts LLC grew its stake in shares of Freeport-McMoRan by 12.5% during the first quarter. Capital Analysts LLC now owns 2,550 shares of the natural resource company's stock valued at $96,000 after purchasing an additional 284 shares during the last quarter. Finally, Sargent Investment Group LLC grew its stake in shares of Freeport-McMoRan by 2.8% during the first quarter. Sargent Investment Group LLC now owns 10,421 shares of the natural resource company's stock valued at $395,000 after purchasing an additional 285 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on FCX shares. Royal Bank Of Canada lifted their price objective on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. Wall Street Zen upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. UBS Group cut shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and raised their price objective for the company from $45.00 to $50.00 in a research note on Friday, July 11th. JPMorgan Chase & Co. raised their price objective on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. Finally, Morgan Stanley cut shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and raised their price objective for the company from $45.00 to $54.00 in a research note on Tuesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.00.

Freeport-McMoRan Trading Down 2.6%

Shares of NYSE FCX traded down $1.20 during midday trading on Friday, reaching $44.72. 16,042,709 shares of the stock were exchanged, compared to its average volume of 10,379,598. The business has a 50-day simple moving average of $43.66 and a two-hundred day simple moving average of $40.12. The company has a market capitalization of $64.21 billion, a price-to-earnings ratio of 33.88, a P/E/G ratio of 0.87 and a beta of 1.59. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.09. The company had revenue of $7.58 billion for the quarter, compared to analysts' expectations of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business's quarterly revenue was up 14.5% compared to the same quarter last year. During the same period last year, the firm posted $0.46 earnings per share. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Tuesday, July 15th. Freeport-McMoRan's payout ratio is currently 22.73%.

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.