Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Stonegate Investment Group LLC

Stonegate Investment Group LLC raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 32,480 shares of the natural resource company’s stock after buying an additional 2,055 shares during the period. Stonegate Investment Group LLC’s holdings in Freeport-McMoRan were worth $1,237,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Fisher Asset Management LLC grew its stake in Freeport-McMoRan by 2.4% during the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after buying an additional 1,392,494 shares during the last quarter. Geode Capital Management LLC boosted its stake in Freeport-McMoRan by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock worth $1,436,455,000 after purchasing an additional 529,099 shares in the last quarter. Franklin Resources Inc. boosted its stake in Freeport-McMoRan by 9.5% in the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock worth $1,348,522,000 after purchasing an additional 2,366,187 shares in the last quarter. Mountaineer Partners Management LLC grew its position in Freeport-McMoRan by 4,767.8% during the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock worth $595,702,000 after purchasing an additional 11,687,982 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Freeport-McMoRan by 1.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 8,223,038 shares of the natural resource company’s stock worth $410,494,000 after buying an additional 127,251 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $36.67 on Tuesday. The stock has a market capitalization of $52.70 billion, a price-to-earnings ratio of 26.77, a PEG ratio of 2.39 and a beta of 1.87. The stock has a 50-day moving average of $40.67 and a 200 day moving average of $43.74. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a twelve month low of $36.26 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.42 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FCX. BMO Capital Markets dropped their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday. Scotiabank cut their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a report on Friday. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Jefferies Financial Group downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and cut their price target for the stock from $48.00 to $40.00 in a report on Friday. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.46.

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.