Longbow Finance SA Buys 1,617 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Longbow Finance SA lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 5.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,145 shares of the natural resource company’s stock after acquiring an additional 1,617 shares during the quarter. Longbow Finance SA’s holdings in Freeport-McMoRan were worth $1,300,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in FCX. Fidelis Capital Partners LLC lifted its position in shares of Freeport-McMoRan by 2.0% during the 3rd quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock worth $560,000 after buying an additional 231 shares in the last quarter. Prospera Private Wealth LLC raised its position in Freeport-McMoRan by 4.4% in the third quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock worth $277,000 after acquiring an additional 234 shares during the period. Continuum Advisory LLC raised its stake in shares of 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 buying an additional 236 shares during the period. Harbor Capital Advisors Inc. lifted its position in shares of Freeport-McMoRan by 0.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 50,431 shares of the natural resource company’s stock valued at $2,518,000 after buying an additional 244 shares during the last quarter. Finally, Intellectus Partners LLC grew its stake in shares of Freeport-McMoRan by 0.4% during the 3rd quarter. Intellectus Partners LLC now owns 71,758 shares of the natural resource company’s stock worth $3,582,000 after acquiring an additional 256 shares during the period. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $37.11 on Tuesday. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The company’s fifty day moving average price is $38.46 and its 200-day moving average price is $42.72. The stock has a market cap of $53.33 billion, a PE ratio of 28.77, a price-to-earnings-growth ratio of 0.87 and a beta of 1.85. Freeport-McMoRan Inc. has a 12 month low of $34.89 and a 12 month 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 for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. On average, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on FCX shares. Jefferies Financial Group downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and dropped their price objective for the company from $48.00 to $40.00 in a report on Friday, January 24th. JPMorgan Chase & Co. cut their price objective 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. Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Scotiabank dropped their target price on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Friday, January 24th. Finally, Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Nine research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $51.46.

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.