Intact Investment Management Inc. Acquires 4,200 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Intact Investment Management Inc. increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 46.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,300 shares of the natural resource company’s stock after buying an additional 4,200 shares during the quarter. Intact Investment Management Inc.’s holdings in Freeport-McMoRan were worth $506,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Asset Planning Inc bought a new position in Freeport-McMoRan in the fourth quarter valued at about $25,000. Vision Financial Markets LLC bought a new position in Freeport-McMoRan in the fourth quarter valued at about $27,000. Laurel Wealth Advisors LLC raised its position in Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 600 shares during the last quarter. Roxbury Financial LLC bought a new position in Freeport-McMoRan in the fourth quarter valued at about $28,000. Finally, Continuum Advisory LLC raised its position in Freeport-McMoRan by 46.8% in the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 236 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on FCX. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Jefferies Financial Group upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their target price for the company from $40.00 to $48.00 in a research report on Thursday, February 27th. Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Finally, BMO Capital Markets lowered their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Freeport-McMoRan Trading Up 3.5 %

NYSE FCX opened at $38.91 on Friday. The company has a market cap of $55.91 billion, a price-to-earnings ratio of 30.16, a P/E/G ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a 52 week low of $33.98 and a 52 week high of $55.24. The business has a 50 day moving average price of $37.93 and a 200-day moving average price of $42.09. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 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%. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

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.