Oak Grove Capital LLC Takes $678,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Oak Grove Capital LLC purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, Holdings Channel reports. The firm purchased 17,800 shares of the natural resource company’s stock, valued at approximately $678,000.

Several other large investors also recently bought and sold shares of the business. Asset Planning Inc acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $25,000. Laurel Wealth Advisors LLC lifted its position in Freeport-McMoRan by 487.8% during the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after buying an additional 600 shares in the last quarter. Roxbury Financial LLC acquired a new position in Freeport-McMoRan during the fourth quarter worth $28,000. Continuum Advisory LLC grew its holdings in Freeport-McMoRan by 46.8% in the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after buying an additional 236 shares in the last quarter. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in Freeport-McMoRan in the 4th quarter valued at $29,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

FCX has been the topic of several recent research reports. JPMorgan Chase & Co. lowered their price target 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. BMO Capital Markets dropped their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Scotiabank reduced 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 report on Friday, January 24th. Jefferies Financial Group upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their price objective for the company from $40.00 to $48.00 in a report on Thursday, February 27th. Finally, Sanford C. Bernstein cut 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. Eight investment 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. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $52.04.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $34.93 on Wednesday. The business has a 50-day moving average of $38.23 and a 200 day moving average of $42.54. 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 12 month low of $34.26 and a 12 month high of $55.24. The stock has a market capitalization of $50.20 billion, a price-to-earnings ratio of 27.08, a price-to-earnings-growth ratio of 0.87 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share 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%. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share 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.