Nissay Asset Management Corp Japan ADV boosted its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 3.0% in the 4th quarter, HoldingsChannel reports. The fund owned 183,876 shares of the natural resource company’s stock after purchasing an additional 5,339 shares during the quarter. Nissay Asset Management Corp Japan ADV’s holdings in Freeport-McMoRan were worth $1,896,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the business. Essex Savings Bank acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $44,000. Flagship Harbor Advisors LLC increased its stake in shares of Freeport-McMoRan by 21.6% in the fourth quarter. Flagship Harbor Advisors LLC now owns 5,120 shares of the natural resource company’s stock valued at $52,000 after buying an additional 908 shares in the last quarter. Financial Gravity Companies Inc. acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $57,000. Financial Architects Inc increased its stake in shares of Freeport-McMoRan by 27.0% in the fourth quarter. Financial Architects Inc now owns 6,899 shares of the natural resource company’s stock valued at $71,000 after buying an additional 1,468 shares in the last quarter. Finally, NuWave Investment Management LLC acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $93,000. Hedge funds and other institutional investors own 70.02% of the company’s stock.
Freeport-McMoRan stock opened at $13.02 on Friday. The stock has a market capitalization of $19.34 billion, a P/E ratio of 8.57 and a beta of 2.20. Freeport-McMoRan Inc has a 12-month low of $9.60 and a 12-month high of $19.74. The company has a current ratio of 3.22, a quick ratio of 1.80 and a debt-to-equity ratio of 0.62.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 24th. The natural resource company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.07). The firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.86 billion. Freeport-McMoRan had a net margin of 12.12% and a return on equity of 15.77%. Freeport-McMoRan’s revenue was down 26.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.51 EPS. As a group, equities analysts predict that Freeport-McMoRan Inc will post 0.49 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, February 1st. Investors of record on Tuesday, January 15th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend was Monday, January 14th. Freeport-McMoRan’s dividend payout ratio is 13.16%.
In related news, VP C Donald Whitmire, Jr. sold 7,425 shares of the firm’s stock in a transaction dated Tuesday, February 12th. The stock was sold at an average price of $11.58, for a total value of $85,981.50. Following the transaction, the vice president now owns 67,974 shares in the company, valued at $787,138.92. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.05% of the stock is owned by company insiders.
A number of analysts have recently weighed in on FCX shares. BMO Capital Markets set a $13.00 target price on Freeport-McMoRan and gave the company a “hold” rating in a research note on Thursday, October 25th. B. Riley lowered their target price on Freeport-McMoRan from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Thursday, October 25th. Royal Bank of Canada lowered Freeport-McMoRan from a “sector perform” rating to an “underperform” rating and set a $12.20 target price for the company. in a research note on Tuesday, November 6th. They noted that the move was a valuation call. ValuEngine lowered Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 8th. Finally, TheStreet lowered Freeport-McMoRan from a “b-” rating to a “c+” rating in a research note on Monday, November 19th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company’s stock. Freeport-McMoRan has a consensus rating of “Hold” and an average price target of $16.26.
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Freeport-McMoRan Company Profile
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
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