OFI Invest Asset Management Acquires New Stake in Freeport-McMoRan Inc. (NYSE:FCX)

OFI Invest Asset Management bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 841,532 shares of the natural resource company’s stock, valued at approximately $30,947,000. OFI Invest Asset Management owned approximately 0.06% of Freeport-McMoRan as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Sanctuary Advisors LLC increased its position in shares of Freeport-McMoRan by 9.7% in the third quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock worth $8,219,000 after purchasing an additional 14,501 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Freeport-McMoRan in the 3rd quarter worth approximately $754,000. Principal Financial Group Inc. increased its holdings in shares of Freeport-McMoRan by 4.1% in the 3rd quarter. Principal Financial Group Inc. now owns 1,684,393 shares of the natural resource company’s stock worth $84,085,000 after buying an additional 66,699 shares during the last quarter. Czech National Bank raised its position in shares of Freeport-McMoRan by 6.4% during the 4th quarter. Czech National Bank now owns 311,555 shares of the natural resource company’s stock valued at $11,864,000 after buying an additional 18,852 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. lifted its holdings in shares of Freeport-McMoRan by 1,206.8% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 13,055 shares of the natural resource company’s stock worth $652,000 after acquiring an additional 12,056 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FCX. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a research note on Thursday. BMO Capital Markets dropped their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Jefferies Financial Group upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $40.00 to $48.00 in a report on Thursday, February 27th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Seven research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $36.97 on Friday. 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 twelve month low of $34.26 and a twelve month high of $55.24. The stock has a market cap of $53.13 billion, a P/E ratio of 28.66, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87. The firm’s fifty day simple moving average is $38.06 and its 200 day simple moving average is $42.36.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) 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%. As a group, research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

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.