Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Tokio Marine Asset Management Co. Ltd.

Tokio Marine Asset Management Co. Ltd. boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.2% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 36,175 shares of the natural resource company’s stock after acquiring an additional 2,099 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Freeport-McMoRan were worth $1,540,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Bruce G. Allen Investments LLC acquired a new position in shares of Freeport-McMoRan in the fourth quarter valued at approximately $27,000. BluePath Capital Management LLC acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth $28,000. Webster Bank N. A. grew its stake in shares of Freeport-McMoRan by 6,469.2% during the 4th quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock worth $36,000 after purchasing an additional 841 shares during the period. CVA Family Office LLC purchased a new stake in shares of Freeport-McMoRan in the 4th quarter worth about $38,000. Finally, Venturi Wealth Management LLC lifted its holdings in Freeport-McMoRan by 122.5% in the 4th quarter. Venturi Wealth Management LLC now owns 930 shares of the natural resource company’s stock valued at $40,000 after purchasing an additional 512 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FCX has been the topic of several recent analyst reports. Raymond James increased their price objective on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday. JPMorgan Chase & Co. lowered their price target on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $41.00 to $48.50 in a report on Monday, January 8th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Finally, Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a report on Tuesday, April 9th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.07.

Freeport-McMoRan Price Performance

FCX stock traded up $1.01 during midday trading on Friday, reaching $50.41. 1,711,961 shares of the stock were exchanged, compared to its average volume of 13,775,861. The stock has a market capitalization of $72.31 billion, a PE ratio of 43.72, a P/E/G ratio of 2.21 and a beta of 2.04. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $52.42. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.38. The company has a fifty day moving average price of $44.24 and a 200 day moving average price of $40.20.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The business had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.52 EPS. As a group, analysts expect that Freeport-McMoRan Inc. will post 1.58 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.19%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

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.