Mitsubishi UFJ Asset Management Co. Ltd. Raises Position in Freeport-McMoRan Inc. (NYSE:FCX)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Freeport-McMoRan by 11.0%, owning approximately 2.55 million shares valued at about $96.67 million at the end of the first quarter.
• Multiple large institutional investors, including Vanguard Group Inc. and Price T Rowe Associates Inc., have also boosted their holdings in Freeport-McMoRan, highlighting strong interest from major financial players.
• Freeport-McMoRan's recent earnings beat analysts' expectations, reporting a $0.54 EPS and a net revenue of $7.58 billion, indicating positive financial momentum for the company.

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 11.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,553,234 shares of the natural resource company's stock after purchasing an additional 252,092 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.18% of Freeport-McMoRan worth $96,665,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in FCX. Stratos Investment Management LLC raised its holdings in shares of Freeport-McMoRan by 238.5% in the 1st quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company's stock worth $2,443,000 after acquiring an additional 45,458 shares during the last quarter. Community Bank N.A. grew its position in shares of Freeport-McMoRan by 18.5% during the 1st quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company's stock valued at $1,498,000 after acquiring an additional 6,188 shares during the period. Arizona State Retirement System grew its position in shares of Freeport-McMoRan by 2.2% during the 1st quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company's stock valued at $15,957,000 after acquiring an additional 8,989 shares during the period. Financial Sense Advisors Inc. grew its position in shares of Freeport-McMoRan by 527.9% during the 1st quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company's stock valued at $2,882,000 after acquiring an additional 64,003 shares during the period. Finally, Anderson Hoagland & Co. grew its position in shares of Freeport-McMoRan by 27.6% during the 1st quarter. Anderson Hoagland & Co. now owns 109,565 shares of the natural resource company's stock valued at $4,148,000 after acquiring an additional 23,695 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

NYSE FCX traded up $1.03 on Friday, hitting $41.83. The stock had a trading volume of 11,827,888 shares, compared to its average volume of 17,843,308. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The company has a market capitalization of $60.11 billion, a price-to-earnings ratio of 31.69, a price-to-earnings-growth ratio of 0.77 and a beta of 1.63. The firm has a 50-day moving average of $42.88 and a 200-day moving average of $39.06.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.09. The firm 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% on a year-over-year basis. During the same quarter last year, the company posted $0.46 EPS. Equities 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. Stockholders of record on Tuesday, July 15th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 22.73%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on FCX shares. Wall Street Zen raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Jefferies Financial Group reissued a "buy" rating and set a $50.00 target price (up from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Citigroup raised their price objective on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Stifel Nicolaus began coverage on shares of Freeport-McMoRan in a report on Wednesday, July 9th. They issued a "buy" rating and a $56.00 price objective for the company. Finally, BMO Capital Markets cut their price objective on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a report on Thursday, July 24th. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $51.00.

Insider Buying and Selling at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 8,584 shares of the firm's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the sale, the chief accounting officer owned 48,333 shares in the company, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.75% of the company's stock.

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.