Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Hourglass Capital LLC

Hourglass Capital LLC raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 8.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 157,590 shares of the natural resource company’s stock after buying an additional 12,125 shares during the quarter. Freeport-McMoRan comprises 1.7% of Hourglass Capital LLC’s holdings, making the stock its 25th largest position. Hourglass Capital LLC’s holdings in Freeport-McMoRan were worth $6,001,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Mountaineer Partners Management LLC raised its stake in Freeport-McMoRan by 4,767.8% in the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock worth $595,702,000 after acquiring an additional 11,687,982 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Freeport-McMoRan by 142.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company’s stock valued at $162,964,000 after purchasing an additional 2,515,103 shares during the period. Franklin Resources Inc. raised its stake in shares of Freeport-McMoRan by 9.5% in the third quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock worth $1,348,522,000 after purchasing an additional 2,366,187 shares during the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of Freeport-McMoRan by 423.5% during the third quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock worth $139,183,000 after purchasing an additional 2,255,529 shares during the period. Finally, Fisher Asset Management LLC boosted its position in Freeport-McMoRan by 2.4% in the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after buying an additional 1,392,494 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX opened at $39.46 on Friday. 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 firm’s fifty day simple moving average is $38.93 and its two-hundred day simple moving average is $42.86. 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 $34.89 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS 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%. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.71 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on FCX shares. JPMorgan Chase & Co. decreased their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. BMO Capital Markets decreased their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Scotiabank cut 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. Jefferies Financial Group cut Freeport-McMoRan from a “buy” rating to a “hold” rating and decreased their price objective for the company from $48.00 to $40.00 in a report on Friday, January 24th. Finally, Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. 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. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus 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.