Nomura Asset Management Co. Ltd. Acquires 17,786 Shares of Freeport-McMoRan Inc. $FCX

Nomura Asset Management Co. Ltd. increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 752,732 shares of the natural resource company’s stock after acquiring an additional 17,786 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Freeport-McMoRan were worth $32,631,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Callan Family Office LLC lifted its position in shares of Freeport-McMoRan by 229.9% in the 2nd quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock worth $1,170,000 after acquiring an additional 18,803 shares during the period. New York Life Investment Management LLC raised its stake in shares of Freeport-McMoRan by 11.8% in the second quarter. New York Life Investment Management LLC now owns 215,058 shares of the natural resource company’s stock valued at $9,323,000 after purchasing an additional 22,766 shares in the last quarter. Bourgeon Capital Management LLC lifted its position in Freeport-McMoRan by 8.1% in the second quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock worth $14,373,000 after purchasing an additional 24,803 shares during the period. Mercuria Capital Strategies LLC bought a new position in Freeport-McMoRan in the second quarter worth $9,970,000. Finally, Financial Sense Advisors Inc. boosted its stake in Freeport-McMoRan by 527.9% during the first quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company’s stock worth $2,882,000 after buying an additional 64,003 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Up 2.5%

Shares of FCX stock opened at $39.97 on Wednesday. The company has a market capitalization of $57.39 billion, a P/E ratio of 28.15, a P/E/G ratio of 0.94 and a beta of 1.64. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $49.12. 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 firm has a 50-day moving average price of $41.39 and a 200 day moving average price of $41.84.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.09. The firm had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The company’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 earnings per share. Research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FCX. Johnson Rice dropped their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 in a research note on Monday, September 29th. Clarkson Capital reissued a “neutral” rating and issued a $42.00 target price on shares of Freeport-McMoRan in a research note on Thursday, September 25th. BNP Paribas Exane dropped their price target on shares of Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating for the company in a research report on Thursday, September 25th. Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price objective on the stock in a report on Wednesday, October 8th. Finally, UBS Group set a $48.00 price objective on Freeport-McMoRan and gave the company a “buy” rating in a research note on Friday, October 3rd. Four research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $47.01.

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.