Bornite Capital Management LP Takes Position in Freeport-McMoRan Inc. $FCX

Bornite Capital Management LP acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 500,000 shares of the natural resource company’s stock, valued at approximately $25,395,000. Freeport-McMoRan accounts for 2.5% of Bornite Capital Management LP’s investment portfolio, making the stock its 17th biggest holding.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Leo Wealth LLC raised its stake in Freeport-McMoRan by 2.5% during the 4th quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock worth $347,000 after buying an additional 170 shares during the period. Physician Wealth Advisors Inc. raised its stake in Freeport-McMoRan by 23.5% during the 4th quarter. Physician Wealth Advisors Inc. now owns 924 shares of the natural resource company’s stock worth $47,000 after buying an additional 176 shares during the period. Castle Rock Wealth Management LLC raised its stake in Freeport-McMoRan by 3.3% during the 4th quarter. Castle Rock Wealth Management LLC now owns 5,687 shares of the natural resource company’s stock worth $289,000 after buying an additional 180 shares during the period. GW&K Investment Management LLC raised its stake in Freeport-McMoRan by 11.1% during the 4th quarter. GW&K Investment Management LLC now owns 1,840 shares of the natural resource company’s stock worth $93,000 after buying an additional 184 shares during the period. Finally, Private Trust Co. NA raised its stake in Freeport-McMoRan by 6.7% during the 4th quarter. Private Trust Co. NA now owns 3,119 shares of the natural resource company’s stock worth $158,000 after buying an additional 195 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $68.28 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The stock has a 50 day moving average price of $64.24 and a two-hundred day moving average price of $59.05. The firm has a market capitalization 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. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.09.

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

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is currently 15.96%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Citigroup dropped their price target on Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. BNP Paribas Exane dropped their price target on Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. CICC Research dropped their price target on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. Finally, Scotiabank dropped their price target on Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating on the stock in a research note on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $66.86.

About Freeport-McMoRan

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.