CM Management LLC Acquires 20,000 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

CM Management LLC increased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 66.7% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 50,000 shares of the natural resource company’s stock after buying an additional 20,000 shares during the quarter. Freeport-McMoRan comprises approximately 1.6% of CM Management LLC’s portfolio, making the stock its 28th biggest position. CM Management LLC’s holdings in Freeport-McMoRan were worth $1,904,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Prospera Private Wealth LLC lifted 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 purchasing an additional 234 shares during the period. Continuum Advisory LLC increased its position in Freeport-McMoRan by 46.8% during the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after acquiring an additional 236 shares during the last quarter. Intellectus Partners LLC lifted its holdings in Freeport-McMoRan by 0.4% in the third quarter. Intellectus Partners LLC now owns 71,758 shares of the natural resource company’s stock valued at $3,582,000 after acquiring an additional 256 shares during the period. Mesirow Financial Investment Management Inc. boosted its position in Freeport-McMoRan by 1.8% in the third quarter. Mesirow Financial Investment Management Inc. now owns 15,646 shares of the natural resource company’s stock worth $781,000 after purchasing an additional 279 shares during the last quarter. Finally, PFG Investments LLC grew its stake in shares of Freeport-McMoRan by 1.3% during the 4th quarter. PFG Investments LLC now owns 22,910 shares of the natural resource company’s stock valued at $872,000 after purchasing an additional 283 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 1.9 %

Shares of FCX opened at $36.97 on Friday. The stock has a market capitalization of $53.13 billion, a PE ratio of 28.66, a P/E/G ratio of 0.87 and a beta of 1.87. The company’s fifty day moving average is $38.06 and its 200 day moving average is $42.36. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. Freeport-McMoRan Inc. has a fifty-two week low of $34.26 and a fifty-two week 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 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%. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Scotiabank dropped their price objective 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. BMO Capital Markets dropped their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Sanford C. Bernstein cut 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 raised Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their price target for the company from $40.00 to $48.00 in a report on Thursday, February 27th. Finally, JPMorgan Chase & Co. cut their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Seven equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

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.