Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Grimes & Company Inc.

Grimes & Company Inc. boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 10.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,275 shares of the natural resource company’s stock after acquiring an additional 498 shares during the quarter. Grimes & Company Inc.’s holdings in Freeport-McMoRan were worth $201,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in FCX. Public Sector Pension Investment Board lifted its holdings in Freeport-McMoRan by 74.3% in the second quarter. Public Sector Pension Investment Board now owns 55,421 shares of the natural resource company’s stock worth $2,693,000 after purchasing an additional 23,629 shares during the period. AXA S.A. raised its holdings in Freeport-McMoRan by 101.5% during the second quarter. AXA S.A. now owns 32,814 shares of the natural resource company’s stock worth $1,595,000 after purchasing an additional 16,531 shares in the last quarter. AQR Capital Management LLC raised its holdings in Freeport-McMoRan by 28.1% during the second quarter. AQR Capital Management LLC now owns 285,529 shares of the natural resource company’s stock worth $13,877,000 after purchasing an additional 62,663 shares in the last quarter. Doheny Asset Management CA bought a new stake in Freeport-McMoRan during the second quarter worth approximately $1,126,000. Finally, Creative Planning raised its holdings in Freeport-McMoRan by 28.7% during the second quarter. Creative Planning now owns 202,693 shares of the natural resource company’s stock worth $9,851,000 after purchasing an additional 45,212 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX stock opened at $37.78 on Monday. The stock has a market cap of $54.29 billion, a P/E ratio of 27.58, a P/E/G ratio of 2.39 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The firm has a 50 day simple moving average of $40.81 and a 200 day simple moving average of $43.85. Freeport-McMoRan Inc. has a 52 week low of $36.26 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data 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 net margin of 7.81% and a return on equity of 7.40%. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.42 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FCX has been the topic of several recent analyst reports. Raymond James boosted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. lowered their target price on 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 lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Scotiabank reduced their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday. Finally, BMO Capital Markets reduced their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.46.

About Freeport-McMoRan

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.