SIR Capital Management L.P. Has $31.74 Million Holdings in Freeport-McMoRan Inc. $FCX

SIR Capital Management L.P. boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 84.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 624,956 shares of the natural resource company’s stock after purchasing an additional 286,400 shares during the period. Freeport-McMoRan comprises about 3.5% of SIR Capital Management L.P.’s holdings, making the stock its 5th largest holding. SIR Capital Management L.P.’s holdings in Freeport-McMoRan were worth $31,742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Freeport-McMoRan by 1.2% during 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 during the last quarter. Fisher Asset Management LLC raised its stake in shares of Freeport-McMoRan by 1.0% during 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 during the last quarter. State Street Corp raised its stake in shares of Freeport-McMoRan by 1.1% during the third quarter. State Street Corp now owns 62,477,910 shares of the natural resource company’s stock valued at $2,450,384,000 after acquiring an additional 690,736 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Freeport-McMoRan by 31.2% during 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 during the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Freeport-McMoRan by 190.9% during 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 during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 2.9%

FCX opened at $68.28 on Friday. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.09. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The company has a fifty day moving average of $64.24 and a 200-day moving average of $59.05. The stock has a market cap of $98.15 billion, a PE ratio of 36.32, a price-to-earnings-growth ratio of 0.80 and a beta of 1.35.

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

Freeport-McMoRan Announces Dividend

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

Analyst Upgrades and Downgrades

FCX has been the subject of several analyst reports. Wall Street Zen raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday. Barclays initiated coverage on shares of Freeport-McMoRan in a research note on Thursday, May 21st. They set an “overweight” rating and a $77.00 price target for the company. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. Scotiabank decreased their price objective on shares of Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating for the company in a research report on Friday, April 24th. Finally, Sanford C. Bernstein increased their price objective on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a research report on Wednesday. Two 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.