Peapack Gladstone Financial Corp Has $312,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Peapack Gladstone Financial Corp lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 5.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,201 shares of the natural resource company’s stock after selling 504 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Freeport-McMoRan were worth $312,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Sanctuary Advisors LLC boosted its position in shares of Freeport-McMoRan by 9.7% during the third quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock worth $8,219,000 after buying an additional 14,501 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in Freeport-McMoRan in the 3rd quarter valued at about $754,000. Madison Investment Advisors LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter worth approximately $3,388,000. Principal Financial Group Inc. lifted its holdings in shares of Freeport-McMoRan by 4.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,684,393 shares of the natural resource company’s stock worth $84,085,000 after acquiring an additional 66,699 shares during the period. Finally, Czech National Bank increased its position in Freeport-McMoRan by 6.4% during the 4th quarter. Czech National Bank now owns 311,555 shares of the natural resource company’s stock worth $11,864,000 after purchasing an additional 18,852 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on FCX shares. Jefferies Financial Group upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their price objective for the stock from $40.00 to $48.00 in a research report on Thursday, February 27th. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday. JPMorgan Chase & Co. raised shares of Freeport-McMoRan from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $48.00 to $52.00 in a research note on Thursday, March 20th. Scotiabank lowered their target price on shares of Freeport-McMoRan from $45.00 to $40.00 and set a “sector perform” rating for the company in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a research report on Thursday, March 6th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $50.65.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $33.80 on Thursday. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $55.24. The stock has a market capitalization of $48.57 billion, a price-to-earnings ratio of 26.20, a price-to-earnings-growth ratio of 0.87 and a beta of 1.71. The company has a fifty day moving average of $37.25 and a 200-day moving average of $41.28. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.78%. Freeport-McMoRan’s payout ratio is 23.26%.

Freeport-McMoRan Profile

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.