Certuity LLC Buys 2,115 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Certuity LLC raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 0.8% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 254,873 shares of the natural resource company’s stock after purchasing an additional 2,115 shares during the quarter. Freeport-McMoRan accounts for about 1.1% of Certuity LLC’s portfolio, making the stock its 24th largest position. Certuity LLC’s holdings in Freeport-McMoRan were worth $9,706,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in FCX. Trust Co. of Vermont raised its stake in shares of Freeport-McMoRan by 5.2% during the third quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after acquiring an additional 228 shares in the last quarter. Fidelis Capital Partners LLC lifted its stake in Freeport-McMoRan by 2.0% in the third quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock worth $560,000 after purchasing an additional 231 shares during the last quarter. Prospera Private Wealth LLC boosted its position in Freeport-McMoRan by 4.4% during the third quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock valued at $277,000 after buying an additional 234 shares during the period. Continuum Advisory LLC increased its holdings in shares of Freeport-McMoRan by 46.8% in the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after buying an additional 236 shares during the period. Finally, Harbor Capital Advisors Inc. lifted its stake in shares of Freeport-McMoRan by 0.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 50,431 shares of the natural resource company’s stock valued at $2,518,000 after acquiring an additional 244 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Scotiabank cut their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a report on Friday, January 24th. Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Jefferies Financial Group lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and lowered their target price for the company from $48.00 to $40.00 in a report on Friday, January 24th. BMO Capital Markets decreased their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Finally, JPMorgan Chase & Co. lowered their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Nine research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.46.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $37.62 on Wednesday. Freeport-McMoRan Inc. has a fifty-two week low of $34.89 and a fifty-two week high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The company has a 50 day moving average price of $39.13 and a 200 day moving average price of $42.95. The stock has a market capitalization of $54.05 billion, a P/E ratio of 29.16, a PEG ratio of 0.81 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.71 EPS for the current year.

Freeport-McMoRan Company Profile

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.