Daiwa Securities Group Inc. Acquires 19,402 Shares of Freeport-McMoRan Inc. (NYSE:FCX)
Daiwa Securities Group Inc. raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX[1] - Free Report[2]) by 12.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 180,018 shares of the natural resource company's stock after acquiring an additional 19,402 shares during the quarter. Daiwa Securities Group Inc.'s holdings in Freeport-McMoRan were worth £8,987,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of FCX. Swedbank AB bought a new position in Freeport-McMoRan during the 1st quarter worth £162,464,000. Los Angeles Capital Management LLC raised its position in shares of Freeport-McMoRan by 423.5% during the third quarter.
Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company's stock worth £139,183,000 after acquiring an additional 2,255,529 shares during the last quarter. Capital Wealth Planning LLC lifted its stake in shares of Freeport-McMoRan by 34.9% in the second quarter. Capital Wealth Planning LLC now owns 5,943,074 shares of the natural resource company's stock worth £288,833,000 after acquiring an additional 1,538,560 shares during the period.
International Assets Investment Management LLC boosted its holdings in Freeport-McMoRan by 5,249.5% in the third quarter. International Assets Investment Management LLC now owns 1,341,335 shares of the natural resource company's stock valued at £66,959,000 after acquiring an additional 1,316,261 shares during the last quarter. Finally, Wulff Hansen & CO. increased its position in Freeport-McMoRan by 4,760.0% during the 2nd quarter.
Wulff Hansen & CO. now owns 1,198,233 shares of the natural resource company's stock valued at £58,234,000 after purchasing an additional 1,173,578 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.
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[3]Freeport-McMoRan Price Performance
Shares of NYSE:FCX[4] opened at £44.40 on Tuesday. Freeport-McMoRan Inc. has a twelve month low of £36.04 and a twelve month high of £55.24. The stock's 50 day moving average is £46.90 and its 200-day moving average is £47.05.
The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of £63.80 billion, a price-to-earnings ratio of 32.41, a PEG ratio of 1.89 and a beta of 1.91. Freeport-McMoRan (NYSE:FCX[5] - Get Free Report[6]) last released its quarterly earnings data on Tuesday, October 22nd.
The natural resource company reported £0.38 earnings per share for the quarter, topping the consensus estimate of £0.37 by £0.01. The firm had revenue of £6.79 billion for the quarter, compared to the consensus estimate of £6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%.
The business's revenue was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the company posted £0.39 earnings per share. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.
Freeport-McMoRan Cuts Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, November 1st.
Shareholders of record on Tuesday, October 15th were paid a dividend of £0.075 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a £0.30 dividend on an annualized basis and a yield of 0.68%.
Freeport-McMoRan's dividend payout ratio (DPR) is currently 21.90%.
Analyst Ratings Changes
A number of research analysts have recently issued reports on the stock. Morgan Stanley dropped their price target on shares of Freeport-McMoRan from £60.00 to £58.00 and set an "overweight" rating on the stock in a research report on Thursday, September 19th. Raymond James upped their price target on shares of Freeport-McMoRan from £55.00 to £57.00 and gave the company an "outperform" rating in a research report on Wednesday, October 23rd.
Scotiabank lowered their price objective on Freeport-McMoRan from £53.00 to £52.00 and set a "sector perform" rating for the company in a research report on Wednesday, October 23rd. StockNews.com[7] lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Thursday, September 26th. Finally, JPMorgan Chase & Co. lifted their target price on Freeport-McMoRan from £53.00 to £55.00 and gave the stock a "neutral" rating in a report on Tuesday, October 15th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company.
Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of £54.00. Check Out Our Latest Stock Report on FCX[8]
About Freeport-McMoRan
(Free Report[9])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.
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References
- ^ NYSE:FCX (www.marketbeat.com)
- ^ Free Report (www.marketbeat.com)
- ^ Ad Stansberry Research"This Could Be Worse Than the Great Depression, the Dot-Com Crash, and the 2008 Crisis Combined"What Are These Billionaire Investors Afraid Of? Billionaires Warren Buffett, Stanley Druckenmiller, George Soros, and David Tepper have all sold off massive U.S. stock positions, including shares of Nvidia, Apple, and Bank of America.
Billionaire Ray Dalio, who runs one of the world's most successful hedge funds, says, "Things are going to get worse for our economy." What are these billionaires so worried about?Click here to see why experts and insiders may be preparing for the biggest financial crisis of the
(www.marketbeat.com) - ^ NYSE:FCX (www.marketbeat.com)
- ^ NYSE:FCX (www.marketbeat.com)
- ^ Get Free Report (www.marketbeat.com)
- ^ StockNews.com (report.stocknews.com)
- ^ Check Out Our Latest Stock Report on FCX (www.marketbeat.com)
- ^ Free Report (www.marketbeat.com)
- ^ five stocks (www.marketbeat.com)
- ^ View The Five Stocks Here (www.marketbeat.com)
- ^ Get This Free Report (marketbeat.com)