Bleakley Financial Group LLC Grows Position in Freeport-McMoRan Inc. (NYSE:FCX)

Bleakley Financial Group LLC raised its position in Freeport-McMoRan Inc. (NYSE:FCX) by 17.1% in the fourth quarter, Holdings Channel reports. The fund owned 78,350 shares of the natural resource company’s stock after buying an additional 11,441 shares during the period. Bleakley Financial Group LLC’s holdings in Freeport-McMoRan were worth $2,984,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Mountaineer Partners Management LLC increased its holdings in Freeport-McMoRan by 4,767.8% in the third quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock valued at $595,702,000 after buying an additional 11,687,982 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Freeport-McMoRan by 142.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company’s stock worth $162,964,000 after acquiring an additional 2,515,103 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Freeport-McMoRan by 9.5% during the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock worth $1,348,522,000 after acquiring an additional 2,366,187 shares in the last quarter. Los Angeles Capital Management LLC raised its position in shares of Freeport-McMoRan by 423.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock worth $139,183,000 after acquiring an additional 2,255,529 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its stake in Freeport-McMoRan by 2.4% during the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after purchasing an additional 1,392,494 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FCX has been the topic of several recent analyst reports. Jefferies Financial Group lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and dropped their price target for the company from $48.00 to $40.00 in a research note on Friday, January 24th. JPMorgan Chase & Co. dropped their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Scotiabank dropped their price objective on 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, BMO Capital Markets cut their target price 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. Nine analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.46.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $37.15 on Friday. The firm has a market cap of $53.38 billion, a price-to-earnings ratio of 28.80, a price-to-earnings-growth ratio of 0.85 and a beta of 1.85. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. Freeport-McMoRan Inc. has a 1-year low of $34.89 and a 1-year high of $55.24. The firm’s fifty day moving average price is $39.48 and its 200 day moving average price is $43.13.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results 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 return on equity of 7.50% and a net margin of 7.42%. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.75 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.