Parsons Capital Management Inc. RI Increases Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Parsons Capital Management Inc. RI lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 42.6% in the 4th quarter, Holdings Channel.com reports. The fund owned 66,936 shares of the natural resource company’s stock after buying an additional 20,002 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Freeport-McMoRan were worth $2,549,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Deane Retirement Strategies Inc. increased its holdings in Freeport-McMoRan by 0.4% during the 3rd quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after purchasing an additional 201 shares during the period. Koshinski Asset Management Inc. increased its holdings in Freeport-McMoRan by 1.0% during the 3rd quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock worth $1,037,000 after purchasing an additional 214 shares during the period. Trust Co. of Vermont increased its holdings in Freeport-McMoRan by 5.2% during the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after purchasing an additional 228 shares during the period. Fidelis Capital Partners LLC increased its holdings in Freeport-McMoRan by 2.0% during the 3rd quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock worth $560,000 after purchasing an additional 231 shares during the period. Finally, Prospera Private Wealth LLC raised its position in shares of Freeport-McMoRan by 4.4% in the 3rd quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock worth $277,000 after acquiring an additional 234 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Jefferies Financial Group lowered Freeport-McMoRan from a “buy” rating to a “hold” rating and reduced their price target for the stock from $48.00 to $40.00 in a research report on Friday. Scotiabank reduced their price target on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research report on Friday. Raymond James boosted their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. reduced their price target on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Finally, BMO Capital Markets reduced their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $51.46.

Freeport-McMoRan Stock Down 2.0 %

Shares of FCX opened at $37.05 on Monday. Freeport-McMoRan Inc. has a 52 week low of $36.26 and a 52 week high of $55.24. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $53.24 billion, a price-to-earnings ratio of 27.08, a PEG ratio of 2.39 and a beta of 1.87. The stock’s 50-day moving average price is $40.81 and its 200-day moving average price is $43.85.

Freeport-McMoRan (NYSE:FCX) last issued 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 return on equity of 7.40% and a net margin of 7.81%. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.42 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.