Nomura Asset Management Co. Ltd. Has $32.63 Million Stake in Freeport-McMoRan Inc. $FCX

Nomura Asset Management Co. Ltd. increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 752,732 shares of the natural resource company’s stock after purchasing an additional 17,786 shares during the quarter. Nomura Asset Management Co. Ltd. owned approximately 0.05% of Freeport-McMoRan worth $32,631,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Dagco Inc. purchased a new stake in Freeport-McMoRan in the 1st quarter worth approximately $37,000. Beacon Capital Management LLC increased its stake in shares of Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after acquiring an additional 327 shares during the last quarter. CKW Financial Group purchased a new stake in shares of Freeport-McMoRan during the first quarter worth $40,000. Greykasell Wealth Strategies Inc. purchased a new stake in shares of Freeport-McMoRan during the first quarter worth $42,000. Finally, Hilltop National Bank acquired a new stake in Freeport-McMoRan during the second quarter valued at $43,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Up 2.5%

Shares of FCX stock opened at $39.97 on Wednesday. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $49.12. The company has a market cap of $57.39 billion, a PE ratio of 28.15, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. The business’s 50 day moving average is $41.39 and its two-hundred day moving average is $41.84.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.09. The business had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. Freeport-McMoRan’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.38 EPS. Equities analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.13%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. HSBC raised Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their target price for the stock from $43.00 to $50.00 in a research report on Friday, October 17th. CICC Research dropped their price objective on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a report on Friday, September 26th. Dbs Bank reduced their target price on shares of Freeport-McMoRan from $51.00 to $48.00 in a research note on Thursday, October 2nd. Morgan Stanley decreased their target price on shares of Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating for the company in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. raised their price target on shares of Freeport-McMoRan from $46.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, October 9th. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average price target of $47.01.

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.