Ring Mountain Capital LLC Purchases Shares of 16,148 Freeport-McMoRan Inc. (NYSE:FCX)

Ring Mountain Capital LLC purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, HoldingsChannel reports. The firm purchased 16,148 shares of the natural resource company’s stock, valued at approximately $615,000.

Other institutional investors have also added to or reduced their stakes in the company. Sanctuary Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 9.7% during the third quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock worth $8,219,000 after purchasing an additional 14,501 shares during the period. Easterly Investment Partners LLC boosted its holdings in shares of Freeport-McMoRan by 137.5% during the third quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock worth $7,375,000 after purchasing an additional 85,542 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Freeport-McMoRan during the third quarter worth about $754,000. Summit Global Investments boosted its holdings in shares of Freeport-McMoRan by 1,559.3% during the third quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock worth $3,819,000 after purchasing an additional 71,883 shares during the period. Finally, AIA Group Ltd boosted its holdings in shares of Freeport-McMoRan by 16.2% during the third quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock worth $4,604,000 after purchasing an additional 12,887 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Shares of FCX opened at $35.49 on Tuesday. The company has a market capitalization of $51.00 billion, a P/E ratio of 27.51, a price-to-earnings-growth ratio of 0.87 and a beta of 1.85. 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 50 day moving average of $38.23 and a 200 day moving average of $42.54. Freeport-McMoRan Inc. has a twelve month low of $34.89 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced 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 net margin of 7.42% and a return on equity of 7.50%. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FCX. Argus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. BMO Capital Markets decreased their price target 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. Jefferies Financial Group raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their price target for the stock from $40.00 to $48.00 in a research note on Thursday, February 27th. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Finally, Scotiabank decreased their price target on shares of 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. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average price target of $52.04.

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.