Daiwa Securities Group Inc. Grows Stake in Freeport-McMoRan Inc. $FCX

Daiwa Securities Group Inc. raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 19.6% during the second quarter, HoldingsChannel.com reports. The firm owned 246,593 shares of the natural resource company’s stock after buying an additional 40,388 shares during the period. Daiwa Securities Group Inc.’s holdings in Freeport-McMoRan were worth $10,690,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Callan Family Office LLC boosted its stake in Freeport-McMoRan by 229.9% in the 2nd quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock worth $1,170,000 after purchasing an additional 18,803 shares in the last quarter. New York Life Investment Management LLC raised its holdings in shares of Freeport-McMoRan by 11.8% in the second quarter. New York Life Investment Management LLC now owns 215,058 shares of the natural resource company’s stock worth $9,323,000 after buying an additional 22,766 shares during the last quarter. Bourgeon Capital Management LLC raised its holdings in shares of Freeport-McMoRan by 8.1% in the second quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock worth $14,373,000 after buying an additional 24,803 shares during the last quarter. Mercuria Capital Strategies LLC acquired a new stake in shares of Freeport-McMoRan during the second quarter worth $9,970,000. Finally, LGT Fund Management Co Ltd. grew its holdings in shares of Freeport-McMoRan by 1,028.6% during the second quarter. LGT Fund Management Co Ltd. now owns 89,862 shares of the natural resource company’s stock valued at $3,896,000 after buying an additional 81,900 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX opened at $46.35 on Thursday. The firm has a fifty day moving average price of $41.58 and a 200 day moving average price of $42.34. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $49.12. The stock has a market cap of $66.55 billion, a P/E ratio of 32.64, a P/E/G ratio of 1.01 and a beta of 1.49. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. The company had revenue of $6.97 billion during the quarter, compared to analysts’ expectations of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.38 earnings per share. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were issued a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. Freeport-McMoRan’s dividend payout ratio is presently 21.13%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FCX. Wells Fargo & Company upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Wednesday, October 8th. Royal Bank Of Canada cut their price objective on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 1st. Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 target price for the company in a report on Wednesday, October 8th. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 target price on the stock in a research report on Tuesday, September 30th. Finally, HSBC reduced their price target on shares of Freeport-McMoRan from $50.00 to $48.00 and set a “buy” rating for the company in a research report on Wednesday, November 19th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $47.73.

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.