Norinchukin Bank The Raises Position in Freeport-McMoRan Inc. (NYSE:FCX)

Norinchukin Bank The boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 2.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 121,313 shares of the natural resource company’s stock after buying an additional 2,407 shares during the period. Norinchukin Bank The’s holdings in Freeport-McMoRan were worth $3,995,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Synovus Financial Corp lifted its holdings in Freeport-McMoRan by 2.9% in the first quarter. Synovus Financial Corp now owns 9,038 shares of the natural resource company’s stock worth $298,000 after buying an additional 256 shares during the period. Almanack Investment Partners LLC. lifted its holdings in Freeport-McMoRan by 2.8% in the first quarter. Almanack Investment Partners LLC. now owns 11,240 shares of the natural resource company’s stock worth $370,000 after buying an additional 308 shares during the period. Savant Capital LLC lifted its holdings in shares of Freeport-McMoRan by 3.1% during the first quarter. Savant Capital LLC now owns 10,772 shares of the natural resource company’s stock valued at $355,000 after purchasing an additional 326 shares during the last quarter. Convergence Investment Partners LLC lifted its holdings in shares of Freeport-McMoRan by 3.2% during the first quarter. Convergence Investment Partners LLC now owns 10,966 shares of the natural resource company’s stock valued at $361,000 after purchasing an additional 337 shares during the last quarter. Finally, Essex Financial Services Inc. lifted its holdings in shares of Freeport-McMoRan by 2.7% during the fourth quarter. Essex Financial Services Inc. now owns 13,539 shares of the natural resource company’s stock valued at $352,000 after purchasing an additional 351 shares during the last quarter. Institutional investors and hedge funds own 77.18% of the company’s stock.

NYSE:FCX opened at $40.14 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.46 and a current ratio of 2.35. Freeport-McMoRan Inc. has a 12 month low of $9.78 and a 12 month high of $46.10. The company has a market cap of $58.83 billion, a P/E ratio of 33.17, a PEG ratio of 0.46 and a beta of 2.15. The stock has a 50 day moving average of $39.53.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 22nd. The natural resource company reported $0.51 EPS for the quarter, hitting analysts’ consensus estimates of $0.51. Freeport-McMoRan had a net margin of 11.13% and a return on equity of 9.85%. The business had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.74 billion. During the same quarter in the previous year, the firm posted ($0.18) EPS. The firm’s revenue was up 73.3% on a year-over-year basis. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 3.11 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, May 3rd. Investors of record on Thursday, April 15th were issued a $0.075 dividend. The ex-dividend date was Wednesday, April 14th. This represents a $0.30 annualized dividend and a yield of 0.75%. This is an increase from Freeport-McMoRan’s previous quarterly dividend of $0.05. Freeport-McMoRan’s dividend payout ratio is currently 55.56%.

FCX has been the subject of several recent research reports. Zacks Investment Research upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating and set a $49.00 target price for the company in a report on Tuesday, May 11th. Citigroup upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $36.00 target price for the company in a report on Tuesday, February 16th. Jefferies Financial Group lifted their target price on shares of Freeport-McMoRan to $60.00 and gave the company a “buy” rating in a report on Monday, May 17th. B. Riley lifted their target price on shares of Freeport-McMoRan from $32.00 to $42.00 and gave the company a “buy” rating in a report on Tuesday, February 23rd. Finally, Raymond James boosted their price objective on shares of Freeport-McMoRan from $43.00 to $47.00 and gave the stock an “outperform” rating in a report on Wednesday. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. Freeport-McMoRan has a consensus rating of “Buy” and an average price target of $33.31.

In other news, Director Gerald J. Ford sold 3,422 shares of the company’s stock in a transaction dated Monday, April 26th. The shares were sold at an average price of $38.82, for a total transaction of $132,842.04. Following the sale, the director now directly owns 18,200 shares in the company, valued at approximately $706,524. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gerald J. Ford sold 20,800 shares of the company’s stock in a transaction dated Monday, May 17th. The shares were sold at an average price of $43.23, for a total transaction of $899,184.00. Following the transaction, the director now owns 23,600 shares in the company, valued at $1,020,228. The disclosure for this sale can be found here. Insiders sold a total of 84,922 shares of company stock valued at $3,535,419 in the last ninety days. 1.00% of the stock is currently owned by insiders.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino 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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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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