Ieq Capital LLC Buys 11,984 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Ieq Capital LLC raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 18.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 76,538 shares of the natural resource company’s stock after acquiring an additional 11,984 shares during the quarter. Ieq Capital LLC’s holdings in Freeport-McMoRan were worth $2,915,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mountaineer Partners Management LLC grew its stake 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 worth $595,702,000 after purchasing an additional 11,687,982 shares during the period. Assenagon Asset Management S.A. boosted its holdings 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 valued at $162,964,000 after buying an additional 2,515,103 shares in the last quarter. Franklin Resources Inc. boosted its holdings 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 valued at $1,348,522,000 after buying an additional 2,366,187 shares in the last quarter. Los Angeles Capital Management LLC grew its position in shares of Freeport-McMoRan by 423.5% in 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 buying an additional 2,255,529 shares during the period. Finally, Fisher Asset Management LLC increased its stake in shares of Freeport-McMoRan by 2.4% in the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after acquiring an additional 1,392,494 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX stock opened at $36.97 on Friday. 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 company has a market cap of $53.13 billion, a P/E ratio of 28.66, a price-to-earnings-growth ratio of 0.87 and a beta of 1.85. The stock’s fifty day moving average price is $38.53 and its 200-day moving average price is $42.72.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on FCX shares. JPMorgan Chase & Co. cut their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Jefferies Financial Group cut Freeport-McMoRan from a “buy” rating to a “hold” rating and lowered their price objective for the company from $48.00 to $40.00 in a research note on Friday, January 24th. Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Finally, BMO Capital Markets lowered 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. Nine research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $51.46.

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.