Bornite Capital Management LP Takes $35.74 Million Position in Freeport-McMoRan Inc. $FCX

Bornite Capital Management LP bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 824,500 shares of the natural resource company’s stock, valued at approximately $35,742,000. Freeport-McMoRan accounts for about 3.6% of Bornite Capital Management LP’s investment portfolio, making the stock its 12th biggest position.

A number of other hedge funds have also recently added to or reduced their stakes in FCX. Nuveen LLC purchased a new stake in Freeport-McMoRan in the first quarter valued at approximately $366,959,000. Amundi grew its position in shares of Freeport-McMoRan by 28.1% during the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after acquiring an additional 6,054,537 shares during the last quarter. Crake Asset Management LLP increased its holdings in shares of Freeport-McMoRan by 2,140.8% in the 1st quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company’s stock valued at $224,496,000 after acquiring an additional 5,665,000 shares during the period. Price T Rowe Associates Inc. MD raised its position in Freeport-McMoRan by 17.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock valued at $1,421,549,000 after purchasing an additional 5,661,958 shares during the last quarter. Finally, Mizuho Markets Cayman LP purchased a new stake in Freeport-McMoRan in the 2nd quarter valued at $159,147,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Freeport-McMoRan in a research report on Wednesday, October 8th. Scotiabank raised their price target on Freeport-McMoRan from $49.00 to $51.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 28th. JPMorgan Chase & Co. boosted their price target on Freeport-McMoRan from $46.00 to $50.00 and gave the company an “overweight” rating in a research report on Thursday, October 9th. Raymond James Financial reduced their price objective on Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating for the company in a research note on Thursday, September 25th. Finally, Clarkson Capital reiterated a “neutral” rating and issued a $42.00 target price on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Four analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $47.01.

Freeport-McMoRan Trading Up 2.9%

NYSE FCX opened at $39.78 on Friday. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $57.12 billion, a P/E ratio of 28.02, a P/E/G ratio of 0.94 and a beta of 1.64. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $49.12. The firm has a 50-day moving average price of $42.09 and a 200 day moving average price of $41.63.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.09. The company had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.38 EPS. 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 disclosed a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were given a $0.15 dividend. The ex-dividend date was Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.5%. Freeport-McMoRan’s dividend payout ratio is presently 21.13%.

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.