Magnetar Financial LLC Buys Shares of 5,855 Freeport-McMoRan Inc. (NYSE:FCX)

Magnetar Financial LLC purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 5,855 shares of the natural resource company’s stock, valued at approximately $223,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Asset Planning Inc purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $25,000. Vision Financial Markets LLC acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $27,000. Laurel Wealth Advisors LLC lifted its stake in 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 buying an additional 600 shares in the last quarter. Roxbury Financial LLC acquired a new stake in Freeport-McMoRan during the 4th quarter valued at $28,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in Freeport-McMoRan during the fourth quarter worth $29,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FCX has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a research note on Thursday, March 6th. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Jefferies Financial Group upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their price target for the company from $40.00 to $48.00 in a report on Thursday, February 27th. Finally, JPMorgan Chase & Co. upgraded Freeport-McMoRan from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $48.00 to $52.00 in a report on Thursday. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $52.04.

Freeport-McMoRan Stock Down 1.0 %

Shares of NYSE:FCX opened at $40.31 on Monday. The stock has a 50-day simple moving average of $38.03 and a 200-day simple moving average of $41.97. The stock has a market capitalization of $57.93 billion, a P/E ratio of 31.25, a PEG ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a 1 year low of $33.98 and a 1 year high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data 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 return on equity of 7.50% and a net margin of 7.42%. Equities analysts forecast 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.