Sharp Financial Services LLC Increases Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Sharp Financial Services LLC increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 14.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,000 shares of the natural resource company’s stock after buying an additional 900 shares during the period. Sharp Financial Services LLC’s holdings in Freeport-McMoRan were worth $267,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in FCX. AE Wealth Management LLC increased its stake in Freeport-McMoRan by 17.9% during the 2nd quarter. AE Wealth Management LLC now owns 22,093 shares of the natural resource company’s stock worth $1,074,000 after buying an additional 3,353 shares during the period. Public Sector Pension Investment Board grew its holdings in Freeport-McMoRan by 74.3% during the 2nd quarter. Public Sector Pension Investment Board now owns 55,421 shares of the natural resource company’s stock worth $2,693,000 after acquiring an additional 23,629 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Freeport-McMoRan by 60.0% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 274,740 shares of the natural resource company’s stock worth $13,352,000 after acquiring an additional 102,993 shares in the last quarter. Insigneo Advisory Services LLC grew its holdings in Freeport-McMoRan by 95.7% during the 2nd quarter. Insigneo Advisory Services LLC now owns 12,175 shares of the natural resource company’s stock worth $592,000 after acquiring an additional 5,954 shares in the last quarter. Finally, Fred Alger Management LLC acquired a new position in Freeport-McMoRan during the 2nd quarter worth approximately $45,327,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on FCX shares. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. JPMorgan Chase & Co. lowered their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Jefferies Financial Group lowered their price target on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, Raymond James upped their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Seven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.42.

Freeport-McMoRan Stock Down 3.1 %

Shares of NYSE:FCX opened at $39.07 on Thursday. The stock has a market cap of $56.14 billion, a P/E ratio of 28.52, a P/E/G ratio of 2.44 and a beta of 1.87. The firm has a fifty day moving average price of $41.01 and a 200 day moving average price of $44.08. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. Freeport-McMoRan Inc. has a 1-year low of $36.26 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The firm had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Freeport-McMoRan’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.39 EPS. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.43 EPS for the current year.

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.