AXQ Capital LP Purchases 36,352 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

AXQ Capital LP grew its position in Freeport-McMoRan Inc. (NYSE:FCX) by 248.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 50,963 shares of the natural resource company’s stock after purchasing an additional 36,352 shares during the period. Freeport-McMoRan makes up 0.9% of AXQ Capital LP’s holdings, making the stock its 4th largest position. AXQ Capital LP’s holdings in Freeport-McMoRan were worth $1,941,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Marietta Investment Partners LLC increased its holdings in shares of Freeport-McMoRan by 6.4% in the fourth quarter. Marietta Investment Partners LLC now owns 16,620 shares of the natural resource company’s stock valued at $633,000 after purchasing an additional 1,000 shares during the period. Sei Investments Co. grew its holdings in Freeport-McMoRan by 11.7% during the fourth quarter. Sei Investments Co. now owns 799,649 shares of the natural resource company’s stock worth $30,451,000 after acquiring an additional 83,490 shares during the period. American Century Companies Inc. grew its holdings in Freeport-McMoRan by 20.0% during the fourth quarter. American Century Companies Inc. now owns 504,987 shares of the natural resource company’s stock worth $19,230,000 after acquiring an additional 84,207 shares during the period. Mizuho Securities USA LLC grew its holdings in Freeport-McMoRan by 46.2% during the fourth quarter. Mizuho Securities USA LLC now owns 136,188 shares of the natural resource company’s stock worth $5,186,000 after acquiring an additional 43,016 shares during the period. Finally, Virtu Financial LLC acquired a new stake in Freeport-McMoRan during the fourth quarter worth about $2,672,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FCX has been the topic of several analyst reports. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday. JPMorgan Chase & Co. raised Freeport-McMoRan from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $48.00 to $52.00 in a report on Thursday. Jefferies Financial Group raised Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their target price for the stock from $40.00 to $48.00 in a report on Thursday, February 27th. BMO Capital Markets lowered their price target on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Finally, Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $52.04.

Freeport-McMoRan Stock Down 1.0 %

Freeport-McMoRan stock opened at $40.31 on Friday. Freeport-McMoRan Inc. has a 1-year low of $33.98 and a 1-year high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The stock has a market cap of $57.93 billion, a PE ratio of 31.25, a P/E/G ratio of 0.87 and a beta of 1.87. The stock’s fifty day moving average is $38.03 and its two-hundred day moving average is $41.96.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results 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 net margin of 7.42% and a return on equity of 7.50%. On average, sell-side analysts expect 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.