Pinebridge Investments LLC Makes New Investment in Freeport-McMoRan Inc. $FCX

by · The Markets Daily

Pinebridge Investments LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 431,200 shares of the natural resource company’s stock, valued at approximately $21,901,000.

Several other hedge funds also recently made changes to their positions in FCX. Wellington Management Group LLP grew its position in shares of Freeport-McMoRan by 190.9% in the 3rd quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock worth $1,431,326,000 after acquiring an additional 23,950,557 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Freeport-McMoRan by 205.0% in the 2nd quarter. AQR Capital Management LLC now owns 4,186,621 shares of the natural resource company’s stock worth $181,490,000 after acquiring an additional 2,813,845 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in shares of Freeport-McMoRan in the 4th quarter worth approximately $110,210,000. Amundi grew its position in shares of Freeport-McMoRan by 43.7% in the 3rd quarter. Amundi now owns 7,018,624 shares of the natural resource company’s stock worth $282,991,000 after acquiring an additional 2,132,708 shares in the last quarter. Finally, Kirkoswald Asset Management LLC acquired a new position in shares of Freeport-McMoRan in the 3rd quarter worth approximately $82,754,200,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 9.1%

NYSE:FCX opened at $63.37 on Friday. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.09. The firm has a market capitalization of $91.10 billion, a P/E ratio of 33.71, a P/E/G ratio of 0.84 and a beta of 1.35. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The business has a 50 day simple moving average of $63.48 and a 200 day simple moving average of $58.17.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the previous year, the firm posted $0.24 EPS. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. Equities research analysts predict that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is 15.96%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on FCX shares. Bank of America boosted their price objective on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. CICC Research decreased their target price on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating for the company in a research note on Tuesday, April 28th. JPMorgan Chase & Co. decreased their target price on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a research note on Monday, April 27th. BNP Paribas Exane decreased their target price on Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating for the company in a research note on Tuesday, April 28th. Finally, Barclays began coverage on Freeport-McMoRan in a research note on Thursday, May 21st. They issued an “overweight” rating and a $77.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.04.

Get Our Latest Research Report on Freeport-McMoRan

About Freeport-McMoRan

(Free Report)

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

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