Pinebridge Investments L.P. Purchases 169,361 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Pinebridge Investments L.P. increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 99.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 338,821 shares of the natural resource company's stock after purchasing an additional 169,361 shares during the period. Pinebridge Investments L.P.'s holdings in Freeport-McMoRan were worth $12,902,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Asset Planning Inc bought a new position in Freeport-McMoRan in the fourth quarter valued at approximately $25,000. Mizuho Bank Ltd. acquired a new stake in Freeport-McMoRan during the 4th quarter worth approximately $26,000. Vision Financial Markets LLC acquired a new stake in Freeport-McMoRan in the 4th quarter worth about $27,000. Laurel Wealth Advisors LLC increased its stake in shares of Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company's stock valued at $28,000 after purchasing an additional 600 shares during the last quarter. Finally, Roxbury Financial LLC bought a new stake in shares of Freeport-McMoRan in the fourth quarter worth $28,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of analyst reports. UBS Group lowered their target price on shares of Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Raymond James increased their price objective on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the stock an "outperform" rating in a research report on Friday, April 4th. Argus downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, January 31st. StockNews.com lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Tuesday, April 8th. Finally, Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 target price on the stock in a research report on Thursday, March 6th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan currently has an average rating of "Moderate Buy" and a consensus price target of $48.50.

Freeport-McMoRan Stock Performance

Shares of FCX stock traded down $0.31 during trading on Friday, reaching $37.32. 10,953,380 shares of the company's stock traded hands, compared to its average volume of 13,911,264. The firm's 50-day moving average is $36.27 and its 200 day moving average is $40.01. The company has a market capitalization of $53.63 billion, a P/E ratio of 28.93, a PEG ratio of 0.87 and a beta of 1.71. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $55.24. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.25 by ($0.01). The firm had revenue of $5.73 billion during the quarter, compared to analysts' expectations of $5.36 billion. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. During the same period in the previous year, the company posted $0.32 earnings per share. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th will be paid a $0.15 dividend. The ex-dividend date is Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.61%. Freeport-McMoRan's dividend payout ratio is currently 24.79%.

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.