Tokio Marine Asset Management Co. Ltd. Boosts Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Tokio Marine Asset Management Co. Ltd. lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.6% during the third quarter, Holdings Channel reports. The fund owned 43,876 shares of the natural resource company’s stock after purchasing an additional 3,480 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Freeport-McMoRan were worth $2,190,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of Freeport-McMoRan by 479.9% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 282,707 shares of the natural resource company’s stock valued at $13,293,000 after buying an additional 233,955 shares during the last quarter. HBK Sorce Advisory LLC grew its holdings in Freeport-McMoRan by 14.4% during the 1st quarter. HBK Sorce Advisory LLC now owns 9,748 shares of the natural resource company’s stock worth $458,000 after acquiring an additional 1,228 shares in the last quarter. Kingsview Wealth Management LLC increased its position in shares of Freeport-McMoRan by 4.3% in the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after purchasing an additional 214 shares during the last quarter. Orion Portfolio Solutions LLC raised its stake in shares of Freeport-McMoRan by 8.8% in the 1st quarter. Orion Portfolio Solutions LLC now owns 29,041 shares of the natural resource company’s stock valued at $1,365,000 after purchasing an additional 2,342 shares in the last quarter. Finally, Homestead Advisers Corp lifted its position in shares of Freeport-McMoRan by 6.5% during the first quarter. Homestead Advisers Corp now owns 1,494,303 shares of the natural resource company’s stock worth $69,966,000 after purchasing an additional 91,600 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

FCX has been the subject of several research analyst reports. Scotiabank cut their price objective on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. lifted their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a report on Wednesday, July 24th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Up 0.3 %

Shares of Freeport-McMoRan stock opened at $43.26 on Friday. Freeport-McMoRan Inc. has a 1-year low of $35.29 and a 1-year high of $55.24. The company has a market capitalization of $62.16 billion, a P/E ratio of 31.58, a PEG ratio of 1.86 and a beta of 1.91. The business’s fifty day moving average price is $46.58 and its two-hundred day moving average price is $47.43. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.39 earnings per share. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.51 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.69%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

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.