Meiji Yasuda Life Insurance Co reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 37.2% during the fourth quarter, according to its latest 13F filing with the Securities & Exchange Commission. The institutional investor held 20,259 shares of the natural resource company’s stock after selling 11,993 shares during the quarter. Meiji Yasuda Life Insurance Co’s holdings in Freeport-McMoRan were valued at $771,000 at the end of the most recent quarter.
Several other institutional investors have also recently adjusted their stakes in FCX. Some notable changes include:
- Asset Planning Inc buying a new position valued at approximately $25,000
- Mizuho Bank Ltd. acquiring a new position worth $26,000
- Vision Financial Markets LLC establishing a new position worth $27,000
- Laurel Wealth Advisors LLC increasing its stake by 487.8%
- Roxbury Financial LLC buying a new stake worth $28,000
Currently, 80.77% of Freeport-McMoRan’s stock is owned by institutional investors. Recent analyst reports have adjusted their price targets for FCX:
- UBS Group lowered their price target from $52.00 to $45.00 with a “buy” rating
- StockNews.com downgraded from “buy” to “hold”
- Scotiabank decreased their price target from $45.00 to $40.00 with a “sector perform” rating
- Sanford C. Bernstein downgraded from “outperform” to “market perform”
- Deutsche Bank Aktiengesellschaft upgraded from “hold” to “buy” with a $47.00 price objective
The stock has an average rating of “Moderate Buy” and an average target price of $48.09 among analysts. Freeport-McMoRan (NYSE:FCX) recently announced its quarterly earnings results on Thursday, April 24th, reporting $0.24 earnings per share, beating analysts’ consensus estimates of $0.23. The company had revenue of $5.73 billion for the quarter, compared to analysts’ expectations of $5.36 billion.
Financial Highlights
- Current ratio: 2.42
- Quick ratio: 1.18
- Debt-to-equity ratio: 0.31
- Market capitalization: $54.08 billion
- PE ratio: 29.17
The company also declared a quarterly dividend, which was paid on Thursday, May 1st, with stockholders of record on Tuesday, April 15th receiving a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.59%.
