Bornite Capital Management LP Makes New Investment in Freeport-McMoRan Inc. $FCX

Bornite Capital Management LP acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 500,000 shares of the natural resource company’s stock, valued at approximately $25,395,000. Freeport-McMoRan makes up approximately 2.5% of Bornite Capital Management LP’s investment portfolio, making the stock its 17th largest position.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Freeport-McMoRan by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock valued at $6,619,611,000 after acquiring an additional 1,572,769 shares in the last quarter. Fisher Asset Management LLC grew its holdings in shares of Freeport-McMoRan by 1.0% in the fourth quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock valued at $3,244,504,000 after acquiring an additional 622,343 shares in the last quarter. State Street Corp grew its holdings in shares of Freeport-McMoRan by 0.6% in the fourth quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock valued at $3,193,327,000 after acquiring an additional 395,226 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after acquiring an additional 8,891,743 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Freeport-McMoRan by 190.9% in the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after acquiring an additional 23,950,557 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Trading Up 2.9%

NYSE:FCX opened at $68.28 on Friday. The company has a market cap of $98.15 billion, a P/E ratio of 36.32, a P/E/G ratio of 0.82 and a beta of 1.35. The stock’s fifty day moving average price is $64.24 and its two-hundred day moving average price is $59.05. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.09. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.10. The firm had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.24 earnings per share. As a group, analysts expect that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced 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. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is currently 15.96%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. reduced their target price on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a report on Monday, April 27th. Barclays assumed coverage on Freeport-McMoRan in a report on Thursday, May 21st. They issued an “overweight” rating and a $77.00 target price for the company. UBS Group upped their target price on Freeport-McMoRan from $74.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Wells Fargo & Company reduced their target price on Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Finally, Scotiabank reduced their target price on Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating for the company in a report on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $66.86.

Freeport-McMoRan Profile

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.