Freeport-McMoRan Inc. $FCX Shares Bought by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 5.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 473,043 shares of the natural resource company’s stock after buying an additional 23,673 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Freeport-McMoRan were worth $20,545,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Dagco Inc. acquired a new stake in Freeport-McMoRan in the first quarter valued at approximately $37,000. Beacon Capital Management LLC boosted its stake in shares of Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 327 shares during the period. CKW Financial Group purchased a new position in shares of Freeport-McMoRan in the first quarter valued at $40,000. Greykasell Wealth Strategies Inc. acquired a new stake in Freeport-McMoRan during the 1st quarter valued at $42,000. Finally, Hilltop National Bank purchased a new stake in Freeport-McMoRan during the 2nd quarter worth $43,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 3.9%

Shares of NYSE FCX opened at $38.63 on Friday. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. The stock’s 50 day moving average price is $42.18 and its two-hundred day moving average price is $41.53. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $49.21. The stock has a market capitalization of $55.46 billion, a P/E ratio of 27.20, a PEG ratio of 0.94 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.41 by $0.09. The company had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.74 billion. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The business’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.38 EPS. On average, analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were paid a dividend of $0.15 per share. The ex-dividend date was Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.6%. Freeport-McMoRan’s payout ratio is presently 21.13%.

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of analyst reports. UBS Group set a $48.00 price objective on shares of Freeport-McMoRan and gave the company a “buy” rating in a research report on Friday, October 3rd. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price target for the company in a report on Tuesday, September 30th. Clarkson Capital restated a “neutral” rating and set a $42.00 price objective on shares of Freeport-McMoRan in a report on Thursday, September 25th. JPMorgan Chase & Co. upped their target price on Freeport-McMoRan from $46.00 to $50.00 and gave the company an “overweight” rating in a research report on Thursday, October 9th. Finally, Dbs Bank decreased their price target on shares of Freeport-McMoRan from $51.00 to $48.00 in a research report on Thursday, October 2nd. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $47.01.

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.