Freeport-McMoRan Inc. $FCX Stock Position Reduced by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.9% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 433,004 shares of the natural resource company’s stock after selling 17,659 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Freeport-McMoRan were worth $22,048,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FCX. Brighton Jones LLC grew its position in Freeport-McMoRan by 24.2% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after purchasing an additional 2,882 shares in the last quarter. Bison Wealth LLC grew its position in Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after acquiring an additional 507 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in Freeport-McMoRan in the second quarter worth approximately $560,000. Brown Advisory Inc. grew its position in Freeport-McMoRan by 27.0% in the second quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock worth $539,000 after acquiring an additional 2,648 shares in the last quarter. Finally, Jump Financial LLC grew its position in Freeport-McMoRan by 42.7% in the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock worth $2,172,000 after acquiring an additional 14,992 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Freeport-McMoRan

In related news, CAO Stephen T. Higgins sold 29,654 shares of the business’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $63.00, for a total transaction of $1,868,202.00. Following the completion of the transaction, the chief accounting officer owned 76,445 shares of the company’s stock, valued at approximately $4,816,035. The trade was a 27.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.79% of the company’s stock.

Freeport-McMoRan Price Performance

NYSE FCX opened at $58.64 on Wednesday. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. The company has a fifty day simple moving average of $61.40 and a 200 day simple moving average of $56.03. The company has a market cap of $84.30 billion, a P/E ratio of 31.19, a P/E/G ratio of 0.73 and a beta of 1.32. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $70.96.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the prior year, the firm earned $0.24 EPS. Freeport-McMoRan’s quarterly revenue was up 8.8% compared to the same quarter last year. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is currently 15.96%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. HSBC boosted their target price on shares of Freeport-McMoRan from $69.00 to $72.00 and gave the stock a “buy” rating in a research report on Tuesday, April 14th. Morgan Stanley reissued an “equal weight” rating and issued a $66.00 target price (down from $70.00) on shares of Freeport-McMoRan in a research report on Friday, April 24th. BNP Paribas Exane decreased their target price on shares of Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating for the company in a research report on Tuesday, April 28th. The Goldman Sachs Group decreased their target price on shares of Freeport-McMoRan from $70.00 to $68.00 and set a “buy” rating for the company in a research report on Friday, April 24th. Finally, Argus raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $65.14.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.