Meiji Yasuda Asset Management Co Ltd. Has $3.57 Million Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Meiji Yasuda Asset Management Co Ltd. boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 171.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 73,379 shares of the natural resource company’s stock after purchasing an additional 46,351 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Freeport-McMoRan were worth $3,566,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Spectrum Wealth Counsel LLC acquired a new position in Freeport-McMoRan during the second quarter worth $25,000. Hazlett Burt & Watson Inc. grew its holdings in shares of Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after purchasing an additional 480 shares during the last quarter. Lynx Investment Advisory acquired a new stake in shares of Freeport-McMoRan during the 2nd quarter worth about $26,000. LRI Investments LLC bought a new position in Freeport-McMoRan during the 1st quarter valued at about $26,000. Finally, RFP Financial Group LLC boosted its position in Freeport-McMoRan by 261.3% in the second quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock valued at $29,000 after buying an additional 426 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Raymond James cut their target price on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, July 24th. Scotiabank cut their price objective on Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research report on Monday, August 19th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research report on Monday, June 10th. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $53.07.

Freeport-McMoRan Trading Up 1.8 %

NYSE FCX opened at $43.92 on Thursday. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The firm has a market cap of $63.09 billion, a P/E ratio of 38.87, a P/E/G ratio of 1.94 and a beta of 1.89. The stock’s 50-day moving average is $43.97 and its 200-day moving average is $47.09.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. During the same period last year, the company posted $0.35 EPS. The business’s quarterly revenue was up 15.5% on a year-over-year basis. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were given a $0.15 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.37%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

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.