Blueshift Asset Management LLC Purchases New Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Blueshift Asset Management LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,668 shares of the natural resource company’s stock, valued at approximately $406,000.

Several other hedge funds have also made changes to their positions in FCX. Asset Planning Inc purchased a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $25,000. Vision Financial Markets LLC acquired a new position in Freeport-McMoRan in the 4th quarter valued at approximately $27,000. Laurel Wealth Advisors LLC increased its stake in Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after buying an additional 600 shares during the period. Roxbury Financial LLC acquired a new position in Freeport-McMoRan in the 4th quarter valued at approximately $28,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in Freeport-McMoRan in the 4th quarter valued at approximately $29,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $40.72 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 fifty-two week low of $33.98 and a fifty-two week high of $55.24. The firm has a fifty day moving average price of $38.00 and a two-hundred day moving average price of $41.99. The company has a market cap of $58.51 billion, a PE ratio of 31.56, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last issued 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%. Analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on FCX shares. Jefferies Financial Group upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their price target for the stock from $40.00 to $48.00 in a research note on Thursday, February 27th. Scotiabank dropped their price target on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Friday, January 24th. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday. Sanford C. Bernstein lowered 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, Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $52.04.

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.