Holderness Investments Co. Buys 1,958 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Holderness Investments Co. boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 22.7% in the 4th quarter, Holdings Channel reports. The firm owned 10,578 shares of the natural resource company’s stock after acquiring an additional 1,958 shares during the quarter. Holderness Investments Co.’s holdings in Freeport-McMoRan were worth $403,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in FCX. Prospera Private Wealth LLC raised 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 valued at $277,000 after acquiring an additional 234 shares in the last quarter. Continuum Advisory LLC increased its position in Freeport-McMoRan by 46.8% during the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 236 shares during the period. PFG Investments LLC raised its holdings in Freeport-McMoRan by 1.3% in the 4th quarter. PFG Investments LLC now owns 22,910 shares of the natural resource company’s stock worth $872,000 after purchasing an additional 283 shares in the last quarter. Larson Financial Group LLC boosted its stake in shares of Freeport-McMoRan by 14.6% during the 3rd quarter. Larson Financial Group LLC now owns 2,252 shares of the natural resource company’s stock valued at $112,000 after purchasing an additional 287 shares in the last quarter. Finally, SeaCrest Wealth Management LLC increased its position in shares of Freeport-McMoRan by 1.6% during the fourth quarter. SeaCrest Wealth Management LLC now owns 19,104 shares of the natural resource company’s stock valued at $727,000 after buying an additional 307 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 0.7 %

FCX opened at $40.72 on Friday. The stock has a 50-day moving average of $38.00 and a 200 day moving average of $41.99. 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 Inc. has a 12 month low of $33.98 and a 12 month high of $55.24. The firm has a market cap of $58.51 billion, a P/E ratio of 31.56, a P/E/G ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS 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%. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on FCX shares. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. JPMorgan Chase & Co. raised Freeport-McMoRan from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $48.00 to $52.00 in a report on Thursday. Scotiabank reduced their price target on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, January 24th. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research note on Thursday, March 6th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $52.04.

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.