Horizon Investments LLC Buys 43,232 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Horizon Investments LLC boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 72.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 103,247 shares of the natural resource company’s stock after buying an additional 43,232 shares during the quarter. Horizon Investments LLC’s holdings in Freeport-McMoRan were worth $3,917,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Asset Planning Inc bought a new position in shares of Freeport-McMoRan during the fourth quarter valued at $25,000. Vision Financial Markets LLC acquired a new position in shares of Freeport-McMoRan in the 4th quarter worth approximately $27,000. Laurel Wealth Advisors LLC boosted its stake 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 purchasing an additional 600 shares during the last quarter. Roxbury Financial LLC acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth $28,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in Freeport-McMoRan during the fourth quarter worth $29,000. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on FCX shares. Jefferies Financial Group raised Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $40.00 to $48.00 in a research report on Thursday, February 27th. Scotiabank dropped their price target on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Friday, January 24th. Argus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. BMO Capital Markets dropped their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Finally, Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.75.

Freeport-McMoRan Price Performance

NYSE FCX opened at $39.50 on Tuesday. The firm’s 50-day simple moving average is $37.95 and its two-hundred day simple moving average is $42.04. 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 Inc. has a 52 week low of $33.98 and a 52 week high of $55.24. The company has a market cap of $56.76 billion, a PE ratio of 30.62, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87.

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%. Research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share 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.