Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Vinva Investment Management Ltd

Vinva Investment Management Ltd boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.8% in the fourth quarter, Holdings Channel reports. The fund owned 68,222 shares of the natural resource company’s stock after purchasing an additional 5,539 shares during the period. Vinva Investment Management Ltd’s holdings in Freeport-McMoRan were worth $2,603,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Asset Planning Inc acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $25,000. Vision Financial Markets LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $27,000. Laurel Wealth Advisors LLC lifted its holdings 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 buying an additional 600 shares during the period. Roxbury Financial LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $28,000. Finally, Continuum Advisory LLC lifted its holdings in shares of Freeport-McMoRan by 46.8% in the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after buying an additional 236 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $40.41 on Thursday. 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 stock has a fifty day moving average of $37.99 and a two-hundred day moving average of $42.00. The company has a market capitalization of $58.08 billion, a price-to-earnings ratio of 31.33, a PEG ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a fifty-two week low of $33.98 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly 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 return on equity of 7.50% and a net margin of 7.42%. On average, analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently commented on FCX. BMO Capital Markets reduced their price target on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Dbs Bank raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research note on Thursday, March 6th. Scotiabank dropped their price objective 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. Finally, Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Seven analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.75.

Freeport-McMoRan 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.