Pingora Partners LLC Lowers Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)
by Teresa Graham · The Cerbat GemPingora Partners LLC lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 2.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,870 shares of the natural resource company’s stock after selling 1,000 shares during the period. Freeport-McMoRan makes up about 0.9% of Pingora Partners LLC’s holdings, making the stock its 22nd biggest holding. Pingora Partners LLC’s holdings in Freeport-McMoRan were worth $1,328,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Freeport-McMoRan by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company’s stock worth $4,692,191,000 after buying an additional 642,776 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Freeport-McMoRan by 21.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company’s stock valued at $1,214,203,000 after purchasing an additional 5,735,171 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Freeport-McMoRan by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 29,579,298 shares of the natural resource company’s stock valued at $1,122,922,000 after purchasing an additional 688,240 shares during the last quarter. Franklin Resources Inc. raised its position in Freeport-McMoRan by 8.0% in the 4th quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company’s stock worth $1,123,445,000 after purchasing an additional 2,191,926 shares during the period. Finally, Capital World Investors lifted its stake in Freeport-McMoRan by 3.2% in the fourth quarter. Capital World Investors now owns 24,055,524 shares of the natural resource company’s stock worth $916,037,000 after purchasing an additional 750,500 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.
Freeport-McMoRan Trading Up 6.9 %
NYSE:FCX opened at $37.63 on Friday. The company has a 50-day moving average price of $36.31 and a 200-day moving average price of $40.09. The stock has a market cap of $54.08 billion, a price-to-earnings ratio of 29.17, a P/E/G ratio of 0.87 and a beta of 1.71. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $55.24.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.01). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The company had revenue of $5.73 billion during the quarter, compared to analysts’ expectations of $5.36 billion. During the same quarter last year, the business earned $0.32 earnings per share. Equities analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.
Freeport-McMoRan Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be given a dividend of $0.15 per share. The ex-dividend date is Tuesday, April 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.59%. Freeport-McMoRan’s dividend payout ratio is presently 23.26%.
Analyst Upgrades and Downgrades
A number of research analysts have recently issued reports on FCX shares. Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Raymond James lifted their price target on Freeport-McMoRan from $49.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, April 4th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research report on Thursday, March 6th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday, April 8th. Finally, Dbs Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.33.
About Freeport-McMoRan
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.
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