Mitsubishi UFJ Asset Management Co. Ltd. Has $86.78 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 8.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,301,142 shares of the natural resource company's stock after purchasing an additional 181,204 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.16% of Freeport-McMoRan worth $86,776,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Worth Financial Advisory Group LLC grew its position in Freeport-McMoRan by 1.6% in the fourth quarter. Worth Financial Advisory Group LLC now owns 27,820 shares of the natural resource company's stock valued at $1,059,000 after acquiring an additional 450 shares during the period. Murphy & Mullick Capital Management Corp bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth about $40,000. Potentia Wealth acquired a new stake in shares of Freeport-McMoRan during the 4th quarter worth about $640,000. Signature Estate & Investment Advisors LLC lifted its holdings in Freeport-McMoRan by 9.8% during the 4th quarter. Signature Estate & Investment Advisors LLC now owns 463,394 shares of the natural resource company's stock valued at $17,646,000 after purchasing an additional 41,172 shares during the last quarter. Finally, Zions Bancorporation N.A. boosted its position in Freeport-McMoRan by 13.3% in the fourth quarter. Zions Bancorporation N.A. now owns 6,488 shares of the natural resource company's stock valued at $247,000 after buying an additional 762 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

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Analyst Ratings Changes

Several research firms have recently weighed in on FCX. Scotiabank dropped their price objective on shares of Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating for the company in a report on Friday, January 24th. Sanford C. Bernstein downgraded Freeport-McMoRan from an "outperform" rating to a "market perform" rating and cut their price objective for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Jefferies Financial Group upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and increased their target price for the stock from $40.00 to $48.00 in a report on Thursday, February 27th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 target price for the company in a research note on Thursday, March 6th. Finally, Argus downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Friday, January 31st. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of "Moderate Buy" and an average price target of $52.04.

Freeport-McMoRan Trading Up 0.6 %

NYSE FCX traded up $0.23 during trading hours on Tuesday, hitting $38.09. The company's stock had a trading volume of 13,112,928 shares, compared to its average volume of 13,439,948. Freeport-McMoRan Inc. has a twelve month low of $33.98 and a twelve month high of $55.24. The firm has a market capitalization of $54.74 billion, a P/E ratio of 29.53, a PEG ratio of 0.87 and a beta of 1.87. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The stock has a fifty day moving average of $38.05 and a 200 day moving average of $41.92.

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

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.58%. The ex-dividend date is Tuesday, April 15th. Freeport-McMoRan's payout ratio is presently 23.26%.

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.