CM Management LLC Increases Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

CM Management LLC boosted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 66.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 50,000 shares of the natural resource company’s stock after purchasing an additional 20,000 shares during the quarter. Freeport-McMoRan comprises about 1.6% of CM Management LLC’s portfolio, making the stock its 28th biggest position. CM Management LLC’s holdings in Freeport-McMoRan were worth $1,904,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Asset Planning Inc purchased a new position in Freeport-McMoRan during the fourth quarter valued at approximately $25,000. Vision Financial Markets LLC bought a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $27,000. Laurel Wealth Advisors LLC boosted its stake in Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 600 shares in the last quarter. Roxbury Financial LLC purchased a new position in Freeport-McMoRan in the fourth quarter worth $28,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth $29,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FCX has been the subject of a number of research analyst reports. Jefferies Financial Group upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their price target for the company from $40.00 to $48.00 in a research note on Thursday, February 27th. BMO Capital Markets decreased their price objective 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. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price target for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. 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 report on Friday, January 24th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a report on Thursday. Seven analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $36.97 on Friday. The stock has a market capitalization of $53.13 billion, a price-to-earnings ratio of 28.66, a PEG ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a twelve month low of $34.26 and a twelve month high of $55.24. The stock has a 50-day moving average of $38.06 and a 200 day moving average of $42.36. 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 posted its quarterly earnings data 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%. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS 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.