Freeport-McMoRan Inc. $FCX Stake Reduced by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 10.9% during the 4th quarter, Holdings Channel.com reports. The fund owned 234,190 shares of the natural resource company’s stock after selling 28,778 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Freeport-McMoRan were worth $11,895,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FCX. Brighton Jones LLC raised its position in Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after acquiring an additional 2,882 shares in the last quarter. Bison Wealth LLC raised 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 about $560,000. Brown Advisory Inc. raised 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 raised 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 currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FCX. Argus upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, February 13th. Bank of America increased their price target on Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. The Goldman Sachs Group boosted their price objective on Freeport-McMoRan from $68.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. CICC Research cut their price objective on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a report on Tuesday, April 28th. Finally, Stifel Nicolaus boosted their price objective on Freeport-McMoRan from $52.00 to $76.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $66.04.

Freeport-McMoRan Price Performance

NYSE FCX opened at $63.37 on Friday. The stock’s 50-day moving average price is $63.48 and its two-hundred day moving average price is $58.17. 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 market cap of $91.10 billion, a PE ratio of 33.71, a PEG ratio of 0.76 and a beta of 1.35. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.09.

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. The firm had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.24 EPS. On average, analysts predict that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Announces Dividend

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

About Freeport-McMoRan

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.