Asset Management One Co. Ltd. Boosts Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Asset Management One Co. Ltd. lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.4% during the fourth quarter, Holdings Channel reports. The firm owned 597,757 shares of the natural resource company’s stock after acquiring an additional 2,418 shares during the period. Asset Management One Co. Ltd.’s holdings in Freeport-McMoRan were worth $23,225,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Exchange Traded Concepts LLC grew its holdings in shares of Freeport-McMoRan by 22.1% in the third quarter. Exchange Traded Concepts LLC now owns 14,998 shares of the natural resource company’s stock valued at $749,000 after acquiring an additional 2,716 shares in the last quarter. Creative Planning increased its position in shares of Freeport-McMoRan by 10.6% during the 3rd quarter. Creative Planning now owns 224,277 shares of the natural resource company’s stock valued at $11,196,000 after purchasing an additional 21,584 shares during the last quarter. Good Life Advisors LLC bought a new stake in shares of Freeport-McMoRan during the 3rd quarter worth $254,000. Trust Co. of Vermont boosted its holdings in shares of Freeport-McMoRan by 5.2% in the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after buying an additional 228 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Freeport-McMoRan by 2.0% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 151,341 shares of the natural resource company’s stock valued at $7,555,000 after buying an additional 2,927 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on FCX shares. Sanford C. Bernstein cut shares of 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 note on Tuesday, January 7th. JPMorgan Chase & Co. dropped their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Raymond James raised their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. 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 report on Friday, January 24th. Finally, BMO Capital Markets decreased their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Nine analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $51.46.

Freeport-McMoRan Stock Down 1.9 %

Shares of NYSE:FCX opened at $39.46 on Friday. The firm has a fifty day moving average price of $38.93 and a two-hundred day moving average price of $42.86. The company has a market cap of $56.69 billion, a price-to-earnings ratio of 30.59, a PEG ratio of 0.81 and a beta of 1.85. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. Freeport-McMoRan Inc. has a one year low of $34.89 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results 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 return on equity of 7.50% and a net margin of 7.42%. Analysts anticipate that Freeport-McMoRan Inc. will post 1.71 EPS for the current fiscal year.

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.