Tokio Marine Asset Management Co. Ltd. Has $469,000 Stake in Freeport-McMoRan Inc. (FCX)
Tokio Marine Asset Management Co. Ltd. raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 9.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 42,064 shares of the natural resource company’s stock after buying an additional 3,664 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Freeport-McMoRan were worth $469,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in FCX. Fox Run Management L.L.C. purchased a new position in shares of Freeport-McMoRan during the second quarter valued at $115,000. Silvercrest Asset Management Group LLC purchased a new position in shares of Freeport-McMoRan during the first quarter valued at $120,000. Swarthmore Group Inc. purchased a new position in shares of Freeport-McMoRan during the second quarter valued at $125,000. Bessemer Group Inc. increased its position in shares of Freeport-McMoRan by 260.4% in the first quarter. Bessemer Group Inc. now owns 13,509 shares of the natural resource company’s stock valued at $140,000 after buying an additional 9,761 shares during the period. Finally, Atria Investments LLC purchased a new position in shares of Freeport-McMoRan during the second quarter valued at $141,000. Institutional investors own 67.78% of the company’s stock.
Freeport-McMoRan Inc. (NYSE:FCX) traded down 1.65% during trading on Friday, hitting $10.13. 34,391,769 shares of the stock traded hands. The firm’s 50-day moving average is $10.63 and its 200 day moving average is $11.21. The stock’s market cap is $13.46 billion. Freeport-McMoRan Inc. has a 52 week low of $3.52 and a 52 week high of $14.06.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 26th. The natural resource company reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.01) by $0.01. The company had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.70 billion. Freeport-McMoRan had a negative net margin of 87.70% and a negative return on equity of 3.68%. The firm’s revenue was down 15.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.14 earnings per share. Equities research analysts forecast that Freeport-McMoRan Inc. will post $0.45 earnings per share for the current fiscal year.
Several research analysts have recently weighed in on FCX shares. Jefferies Group restated a “buy” rating and issued a $15.00 target price on shares of Freeport-McMoRan in a research note on Thursday, July 14th. Vetr cut shares of Freeport-McMoRan from a “strong-buy” rating to a “buy” rating and set a $14.27 price target on the stock. in a report on Tuesday, July 12th. HSBC reaffirmed a “buy” rating on shares of Freeport-McMoRan in a report on Thursday, July 7th. Cowen and Company set a $15.00 price target on shares of Freeport-McMoRan and gave the company a “buy” rating in a report on Tuesday, September 13th. Finally, Deutsche Bank AG raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their price target for the company from $12.00 to $12.50 in a report on Monday, October 3rd. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $10.43.
Freeport-McMoRan Company Profile
Freeport-McMoRan Inc (FCX) is a natural resource company with a portfolio of mineral assets, and oil and natural gas resources. The Company’s segments include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining operations and the U.S. Oil & Gas Operations. It has organized its operations into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines.
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