Freeport-McMoRan Inc. $FCX Shares Sold by Mitsubishi UFJ Asset Management UK Ltd.

Mitsubishi UFJ Asset Management UK Ltd. trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX) by 20.0% during the second quarter, Holdings Channel.com reports. The firm owned 12,000 shares of the natural resource company’s stock after selling 3,000 shares during the period. Mitsubishi UFJ Asset Management UK Ltd.’s holdings in Freeport-McMoRan were worth $520,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. City Holding Co. acquired a new stake in shares of Freeport-McMoRan in the 1st quarter valued at $33,000. Dagco Inc. acquired a new stake in shares of Freeport-McMoRan in the 1st quarter valued at $37,000. Beacon Capital Management LLC raised its holdings in shares of Freeport-McMoRan by 59.6% in the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 327 shares in the last quarter. CKW Financial Group purchased a new position in shares of Freeport-McMoRan in the 1st quarter valued at $40,000. Finally, Greykasell Wealth Strategies Inc. purchased a new position in shares of Freeport-McMoRan in the 1st quarter valued at $42,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently commented on FCX shares. Jefferies Financial Group reaffirmed a “buy” rating and issued a $46.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, September 24th. Bank of America raised shares of 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. Clarkson Capital reaffirmed a “neutral” rating and issued a $42.00 target price on shares of Freeport-McMoRan in a research report on Thursday, September 25th. Stifel Canada raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Tuesday, July 8th. Finally, Royal Bank Of Canada increased their target price on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a “sector perform” rating in a research report on Wednesday, June 4th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $46.81.

Freeport-McMoRan Trading Up 5.7%

Shares of Freeport-McMoRan stock opened at $39.24 on Wednesday. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $51.45. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The company has a market capitalization of $56.34 billion, a P/E ratio of 29.73, a PEG ratio of 0.77 and a beta of 1.59. The company’s fifty day moving average is $42.81 and its two-hundred day moving average is $40.55.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. During the same period last year, the firm posted $0.46 EPS. Freeport-McMoRan’s revenue for the quarter was up 14.5% on a year-over-year basis. Analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. Freeport-McMoRan’s payout ratio is presently 22.73%.

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.