Tamar Securities LLC Boosts Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Tamar Securities LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 12.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 411,292 shares of the natural resource company’s stock after acquiring an additional 45,113 shares during the quarter. Freeport-McMoRan accounts for approximately 2.2% of Tamar Securities LLC’s portfolio, making the stock its 21st largest holding. Tamar Securities LLC’s holdings in Freeport-McMoRan were worth $15,662,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Fisher Asset Management LLC raised its stake in shares of Freeport-McMoRan by 2.4% during 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 purchasing an additional 1,392,494 shares during the period. Geode Capital Management LLC increased its position in shares of Freeport-McMoRan by 1.9% during the third quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock valued at $1,436,455,000 after buying an additional 529,099 shares during the period. Franklin Resources Inc. increased its position in shares of Freeport-McMoRan by 9.5% during the third 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 during the period. Mountaineer Partners Management LLC grew its holdings in shares of Freeport-McMoRan by 4,767.8% during 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Freeport-McMoRan by 1.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 8,223,038 shares of the natural resource company’s stock worth $410,494,000 after purchasing an additional 127,251 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $36.67 on Tuesday. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The company has a market cap of $52.70 billion, a PE ratio of 26.77, a P/E/G ratio of 2.39 and a beta of 1.87. The business has a 50 day moving average of $40.67 and a 200 day moving average of $43.74. Freeport-McMoRan Inc. has a 52 week low of $36.26 and a 52 week high of $55.24.

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 net margin of 7.81% and a return on equity of 7.40%. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.42 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Jefferies Financial Group lowered Freeport-McMoRan from a “buy” rating to a “hold” rating and cut their price objective for the stock from $48.00 to $40.00 in a report on Friday. Raymond James upped their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. JPMorgan Chase & Co. cut their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Finally, BMO Capital Markets cut their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.