49,382 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Acquired by Myriad Asset Management US LP

Myriad Asset Management US LP bought a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, Holdings Channel.com reports. The institutional investor bought 49,382 shares of the natural resource company’s stock, valued at approximately $1,880,000. Freeport-McMoRan comprises about 1.3% of Myriad Asset Management US LP’s holdings, making the stock its 22nd largest holding.

Several other hedge funds have also modified their holdings of FCX. Bank Pictet & Cie Europe AG lifted its position in Freeport-McMoRan by 27.2% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company’s stock valued at $20,565,000 after buying an additional 115,552 shares in the last quarter. Valeo Financial Advisors LLC lifted its position in Freeport-McMoRan by 15.0% during the fourth quarter. Valeo Financial Advisors LLC now owns 21,819 shares of the natural resource company’s stock valued at $831,000 after buying an additional 2,849 shares in the last quarter. Asset Planning Inc acquired a new position in Freeport-McMoRan during the fourth quarter valued at approximately $25,000. Compagnie Lombard Odier SCmA lifted its position in Freeport-McMoRan by 1.1% during the fourth quarter. Compagnie Lombard Odier SCmA now owns 93,247 shares of the natural resource company’s stock valued at $3,551,000 after buying an additional 1,045 shares in the last quarter. Finally, Vontobel Holding Ltd. lifted its position in Freeport-McMoRan by 8.3% during the fourth quarter. Vontobel Holding Ltd. now owns 175,287 shares of the natural resource company’s stock valued at $6,675,000 after buying an additional 13,503 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FCX has been the topic of a number of analyst reports. Jefferies Financial Group lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and dropped their price objective for the company from $48.00 to $40.00 in a research note on Friday, January 24th. BMO Capital Markets dropped their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Raymond James lifted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Scotiabank dropped their price objective on shares of 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. Nine research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $51.46.

Freeport-McMoRan Stock Performance

FCX stock opened at $39.46 on Friday. The company has a market capitalization of $56.69 billion, a P/E ratio of 30.59, a PEG ratio of 0.81 and a beta of 1.85. The company has a 50-day simple moving average of $38.93 and a 200 day simple moving average of $42.87. Freeport-McMoRan Inc. has a fifty-two week low of $34.89 and a fifty-two week high of $55.24. 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 (NYSE:FCX) last posted its quarterly earnings data 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 return on equity of 7.50% and a net margin of 7.42%. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.71 earnings per share for the current fiscal 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.