HBK Sorce Advisory LLC Purchases 784 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

HBK Sorce Advisory LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 7.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 10,902 shares of the natural resource company’s stock after acquiring an additional 784 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Freeport-McMoRan were worth $415,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pinnacle Financial Partners Inc bought a new stake in Freeport-McMoRan in the third quarter worth $201,000. KBC Group NV lifted its position in Freeport-McMoRan by 351.6% in the third quarter. KBC Group NV now owns 475,754 shares of the natural resource company’s stock worth $23,749,000 after buying an additional 370,401 shares during the last quarter. Zions Bancorporation N.A. lifted its position in Freeport-McMoRan by 19.9% in the third quarter. Zions Bancorporation N.A. now owns 5,726 shares of the natural resource company’s stock worth $286,000 after buying an additional 951 shares during the last quarter. Planning Capital Management Corp lifted its position in Freeport-McMoRan by 59.9% in the third quarter. Planning Capital Management Corp now owns 1,057 shares of the natural resource company’s stock worth $53,000 after buying an additional 396 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. lifted its position in Freeport-McMoRan by 8.6% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 43,876 shares of the natural resource company’s stock worth $2,190,000 after buying an additional 3,480 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. BMO Capital Markets lowered their price target 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. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Wednesday. Jefferies Financial Group upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their target price for the stock from $40.00 to $48.00 in a research note on Thursday, February 27th. Scotiabank reduced their target price on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Friday, January 24th. Finally, Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Freeport-McMoRan Stock Up 3.5 %

Shares of FCX stock opened at $38.91 on Friday. The stock has a 50 day moving average of $37.91 and a 200 day moving average of $42.15. 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 stock has a market cap of $55.91 billion, a P/E ratio of 30.16, a P/E/G ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a twelve month low of $33.98 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share 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, sell-side analysts expect 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.