Meiji Yasuda Asset Management Co Ltd. Sells 3,488 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Meiji Yasuda Asset Management Co Ltd. reduced its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 74,352 shares of the natural resource company’s stock after selling 3,488 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Freeport-McMoRan were worth $2,831,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Continuum Advisory LLC raised its holdings in shares of Freeport-McMoRan by 46.8% during the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after buying an additional 236 shares in the last quarter. PFG Investments LLC boosted its stake in shares of Freeport-McMoRan by 1.3% in the 4th quarter. PFG Investments LLC now owns 22,910 shares of the natural resource company’s stock valued at $872,000 after purchasing an additional 283 shares in the last quarter. Larson Financial Group LLC grew its holdings in shares of Freeport-McMoRan by 14.6% during the 3rd quarter. Larson Financial Group LLC now owns 2,252 shares of the natural resource company’s stock valued at $112,000 after purchasing an additional 287 shares during the last quarter. Palogic Value Management L.P. increased its holdings in shares of Freeport-McMoRan by 1.5% during the fourth quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company’s stock worth $772,000 after buying an additional 292 shares in the last quarter. Finally, SeaCrest Wealth Management LLC boosted its holdings in shares of Freeport-McMoRan by 1.6% during the 4th quarter. SeaCrest Wealth Management LLC now owns 19,104 shares of the natural resource company’s stock valued at $727,000 after acquiring an additional 307 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Price Performance

Shares of FCX opened at $43.08 on Wednesday. The firm has a market cap of $61.91 billion, a PE ratio of 33.40, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a 52-week low of $33.98 and a 52-week high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The business’s 50 day moving average price is $38.15 and its two-hundred day moving average price is $42.00.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Jefferies Financial Group raised Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their price objective for the company from $40.00 to $48.00 in a research note on Thursday, February 27th. BMO Capital Markets cut their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Dbs Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a report on Thursday, March 6th. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.04.

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.