Panagora Asset Management Inc. Has $46.53 Million Holdings in Freeport-McMoRan Inc. $FCX

Key Points

• Panagora Asset Management Inc. significantly increased its holdings in Freeport-McMoRan, boosting its position by 2,133.8% during the first quarter by acquiring an additional 1,174,005 shares, bringing its total ownership to approximately 1.229 million shares.
• Freeport-McMoRan reported earnings of $0.54 per share, exceeding the consensus estimate of $0.45, with a revenue of $7.58 billion for the quarter, up 14.5% year-over-year.
• The company declared a quarterly dividend of $0.15 per share, representing a 1.4% yield and a payout ratio of 22.73% as of the dividend announcement in July.

Panagora Asset Management Inc. boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 2,133.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,229,024 shares of the natural resource company's stock after purchasing an additional 1,174,005 shares during the period. Panagora Asset Management Inc. owned approximately 0.09% of Freeport-McMoRan worth $46,531,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Stratos Investment Management LLC lifted its position in shares of Freeport-McMoRan by 238.5% in the 1st quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company's stock valued at $2,443,000 after acquiring an additional 45,458 shares in the last quarter. Community Bank N.A. lifted its position in shares of Freeport-McMoRan by 18.5% in the 1st quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company's stock valued at $1,498,000 after acquiring an additional 6,188 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Freeport-McMoRan by 2.2% in the 1st quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company's stock valued at $15,957,000 after acquiring an additional 8,989 shares in the last quarter. Financial Sense Advisors Inc. lifted its position in shares of Freeport-McMoRan by 527.9% in the 1st quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company's stock valued at $2,882,000 after acquiring an additional 64,003 shares in the last quarter. Finally, Anderson Hoagland & Co. lifted its position in shares of Freeport-McMoRan by 27.6% in the 1st quarter. Anderson Hoagland & Co. now owns 109,565 shares of the natural resource company's stock valued at $4,148,000 after acquiring an additional 23,695 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 2.7%

Shares of FCX traded up $1.23 during mid-day trading on Wednesday, hitting $46.17. 12,041,826 shares of the company's stock were exchanged, compared to its average volume of 15,492,096. The firm has a fifty day moving average of $43.47 and a two-hundred day moving average of $39.72. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $52.61. The stock has a market cap of $66.28 billion, a price-to-earnings ratio of 34.97, a P/E/G ratio of 0.84 and a beta of 1.59. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. During the same quarter in the prior year, the business posted $0.46 EPS. Freeport-McMoRan's quarterly revenue was up 14.5% on a year-over-year basis. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were paid a $0.15 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.3%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 22.73%.

Analyst Upgrades and Downgrades

FCX has been the subject of several research analyst reports. Scotiabank upped their price target on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a research report on Wednesday, July 9th. BMO Capital Markets dropped their price objective on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating on the stock in a research note on Thursday, July 24th. UBS Group lowered shares of Freeport-McMoRan from a "buy" rating to a "neutral" rating and upped their price objective for the company from $45.00 to $50.00 in a research note on Friday, July 11th. JPMorgan Chase & Co. upped their price objective on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. Finally, Stifel Canada upgraded shares of Freeport-McMoRan to a "strong-buy" rating in a research note on Tuesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of "Moderate Buy" and an average price target of $51.00.

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.