Hager Investment Management Services LLC Invests $747,000 in Freeport-McMoRan Inc. (NYSE:FCX)

Hager Investment Management Services LLC bought a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, Holdings Channel reports. The firm bought 19,629 shares of the natural resource company’s stock, valued at approximately $747,000.

Other hedge funds also recently bought and sold shares of the company. Sanctuary Advisors LLC boosted its position in Freeport-McMoRan by 9.7% during 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 in the last quarter. Easterly Investment Partners LLC lifted its position in shares of Freeport-McMoRan by 137.5% in the third quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock valued at $7,375,000 after acquiring an additional 85,542 shares in the last quarter. Summit Global Investments lifted its position in shares of Freeport-McMoRan by 1,559.3% in the third quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock valued at $3,819,000 after acquiring an additional 71,883 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Freeport-McMoRan in the third quarter valued at approximately $754,000. Finally, AIA Group Ltd lifted its position in shares of Freeport-McMoRan by 16.2% in the third quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock valued at $4,604,000 after acquiring an additional 12,887 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 1.8 %

Shares of NYSE:FCX opened at $36.49 on Wednesday. The stock has a market capitalization of $52.43 billion, a PE ratio of 28.29, a P/E/G ratio of 0.85 and a beta of 1.85. Freeport-McMoRan Inc. has a 1 year low of $34.89 and a 1 year high of $55.24. The firm has a fifty day moving average price of $39.75 and a 200 day moving average price of $43.21. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Analysts expect that Freeport-McMoRan Inc. will post 1.75 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on FCX shares. Scotiabank cut their target price on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research note on Friday, January 24th. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. JPMorgan Chase & Co. decreased their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Finally, Raymond James lifted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Nine analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $51.46.

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.