General Pension Society PZU Joint Stock Co Grows Holdings in Freeport-McMoRan Inc. $FCX

General Pension Society PZU Joint Stock Co grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 11.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 2,188,791 shares of the natural resource company’s stock after acquiring an additional 231,636 shares during the period. Freeport-McMoRan makes up about 22.5% of General Pension Society PZU Joint Stock Co’s holdings, making the stock its largest position. General Pension Society PZU Joint Stock Co’s holdings in Freeport-McMoRan were worth $111,169,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Freeport-McMoRan by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after buying an additional 1,572,769 shares in the last quarter. Fisher Asset Management LLC raised its position in shares of Freeport-McMoRan by 1.4% during the 3rd quarter. Fisher Asset Management LLC now owns 63,258,414 shares of the natural resource company’s stock worth $2,480,995,000 after buying an additional 899,699 shares in the last quarter. State Street Corp raised its position in shares of Freeport-McMoRan by 1.1% during the 3rd quarter. State Street Corp now owns 62,477,910 shares of the natural resource company’s stock worth $2,450,384,000 after buying an additional 690,736 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Freeport-McMoRan by 190.9% during 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 buying an additional 23,950,557 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Freeport-McMoRan by 2.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 21,671,223 shares of the natural resource company’s stock worth $849,945,000 after buying an additional 435,963 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Down 0.6%

FCX stock opened at $61.92 on Friday. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $70.96. The company’s 50 day simple moving average is $61.41 and its 200-day simple moving average is $56.35. 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 firm has a market capitalization of $89.01 billion, a P/E ratio of 32.94, a P/E/G ratio of 0.75 and a beta of 1.32.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results 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 net margin of 10.34% and a return on equity of 9.88%. The business had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter in the previous year, the business earned $0.24 earnings per share. The firm’s revenue was up 8.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on FCX. Bank of America boosted their price target on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. BNP Paribas Exane dropped their price target on shares of Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 28th. CICC Research dropped their target price on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a report on Tuesday, April 28th. HSBC boosted their target price on shares of Freeport-McMoRan from $69.00 to $72.00 and gave the stock a “buy” rating in a report on Tuesday, April 14th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $65.72.

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.