Los Angeles Capital Management LLC Acquires 616,974 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Los Angeles Capital Management LLC raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 22.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,405,085 shares of the natural resource company’s stock after acquiring an additional 616,974 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Freeport-McMoRan were worth $129,666,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Fidelis Capital Partners LLC grew its position in Freeport-McMoRan by 2.0% in the third quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock valued at $560,000 after acquiring an additional 231 shares during the last quarter. Prospera Private Wealth LLC grew its holdings in shares of Freeport-McMoRan by 4.4% during the third quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock worth $277,000 after purchasing an additional 234 shares during the last quarter. Continuum Advisory LLC grew its holdings in shares of Freeport-McMoRan by 46.8% during the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 236 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of Freeport-McMoRan by 0.5% during the third quarter. Harbor Capital Advisors Inc. now owns 50,431 shares of the natural resource company’s stock worth $2,518,000 after purchasing an additional 244 shares during the last quarter. Finally, Intellectus Partners LLC grew its holdings in shares of Freeport-McMoRan by 0.4% during the third quarter. Intellectus Partners LLC now owns 71,758 shares of the natural resource company’s stock worth $3,582,000 after purchasing an additional 256 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on FCX shares. Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. BMO Capital Markets reduced their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. JPMorgan Chase & Co. reduced their price target on shares of 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, Jefferies Financial Group downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and reduced their price target for the company from $48.00 to $40.00 in a research report on Friday, January 24th. Nine research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $51.46.

Freeport-McMoRan Trading Up 0.4 %

Shares of Freeport-McMoRan stock opened at $37.11 on Tuesday. Freeport-McMoRan Inc. has a 52-week low of $34.89 and a 52-week high of $55.24. The stock’s 50-day simple moving average is $38.46 and its 200 day simple moving average is $42.72. The stock has a market capitalization of $53.33 billion, a P/E ratio of 28.77, a P/E/G ratio of 0.87 and a beta of 1.85. 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 announced its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Company 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.