Longbow Finance SA Purchases 1,617 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Longbow Finance SA lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 5.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 34,145 shares of the natural resource company’s stock after buying an additional 1,617 shares during the period. Longbow Finance SA’s holdings in Freeport-McMoRan were worth $1,300,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Private Advisor Group LLC raised its stake in shares of Freeport-McMoRan by 1.1% in the third quarter. Private Advisor Group LLC now owns 77,315 shares of the natural resource company’s stock worth $3,860,000 after purchasing an additional 842 shares during the last quarter. Allworth Financial LP boosted its position in Freeport-McMoRan by 7.3% in the third quarter. Allworth Financial LP now owns 7,336 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 500 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Freeport-McMoRan by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company’s stock valued at $10,393,000 after purchasing an additional 35,972 shares during the period. PFG Investments LLC increased its position in shares of Freeport-McMoRan by 10.0% during the 3rd quarter. PFG Investments LLC now owns 22,627 shares of the natural resource company’s stock valued at $1,130,000 after purchasing an additional 2,062 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Freeport-McMoRan by 1.5% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 158,417 shares of the natural resource company’s stock worth $7,908,000 after purchasing an additional 2,322 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 0.4 %

NYSE FCX opened at $37.11 on Tuesday. Freeport-McMoRan Inc. has a 52 week low of $34.89 and a 52 week high of $55.24. The company has a 50 day moving average price of $38.46 and a 200 day moving average price of $42.72. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The firm has a market cap of $53.33 billion, a PE ratio of 28.77, a price-to-earnings-growth ratio of 0.87 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly 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 return on equity of 7.50% and a net margin of 7.42%. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on FCX. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their target price for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Scotiabank cut their price target on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research note on Friday, January 24th. Jefferies Financial Group downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and lowered their target price for the stock from $48.00 to $40.00 in a report on Friday, January 24th. Finally, BMO Capital Markets cut their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Nine equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $51.46.

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.