Oak Grove Capital LLC Takes $678,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Oak Grove Capital LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 17,800 shares of the natural resource company’s stock, valued at approximately $678,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FCX. Laffer Tengler Investments Inc. increased its holdings in shares of Freeport-McMoRan by 29.9% in the fourth quarter. Laffer Tengler Investments Inc. now owns 6,217 shares of the natural resource company’s stock valued at $237,000 after purchasing an additional 1,431 shares during the period. Glass Wealth Management Co LLC increased its holdings in Freeport-McMoRan by 2.9% in the 4th quarter. Glass Wealth Management Co LLC now owns 128,349 shares of the natural resource company’s stock worth $4,888,000 after buying an additional 3,585 shares during the period. Ring Mountain Capital LLC purchased a new position in Freeport-McMoRan during the 4th quarter worth approximately $615,000. Commerzbank Aktiengesellschaft FI lifted its stake in Freeport-McMoRan by 37.6% during the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 11,444 shares of the natural resource company’s stock valued at $437,000 after acquiring an additional 3,130 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Freeport-McMoRan by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 8,487,881 shares of the natural resource company’s stock valued at $323,219,000 after acquiring an additional 264,843 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX opened at $34.93 on Wednesday. The firm’s fifty day simple moving average is $38.23 and its two-hundred day simple moving average is $42.54. Freeport-McMoRan Inc. has a 52-week low of $34.26 and a 52-week high of $55.24. The company has a market cap of $50.20 billion, a price-to-earnings ratio of 27.08, a PEG ratio of 0.87 and a beta of 1.85. 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 released 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 return on equity of 7.50% and a net margin of 7.42%. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

FCX has been the subject of several recent research reports. Scotiabank reduced their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, January 24th. Jefferies Financial Group upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price objective for the company from $40.00 to $48.00 in a research note on Thursday, February 27th. JPMorgan Chase & Co. lowered their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. BMO Capital Markets reduced 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. Finally, Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $52.04.

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.