Mader & Shannon Wealth Management Inc. Buys Shares of 28,465 Freeport-McMoRan Inc. (NYSE:FCX)

Mader & Shannon Wealth Management Inc. acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 28,465 shares of the natural resource company’s stock, valued at approximately $1,084,000. Freeport-McMoRan comprises 0.7% of Mader & Shannon Wealth Management Inc.’s portfolio, making the stock its 18th biggest holding.

Several other large investors have also recently made changes to their positions in the stock. Fisher Asset Management LLC lifted its holdings 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 during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Freeport-McMoRan by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock worth $1,436,455,000 after acquiring an additional 529,099 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Freeport-McMoRan by 9.5% in the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock worth $1,348,522,000 after acquiring an additional 2,366,187 shares during the last quarter. Mountaineer Partners Management LLC lifted its holdings in Freeport-McMoRan by 4,767.8% during the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock worth $595,702,000 after buying an additional 11,687,982 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Freeport-McMoRan by 1.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 8,223,038 shares of the natural resource company’s stock worth $410,494,000 after buying an additional 127,251 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Down 1.8 %

NYSE FCX opened at $38.58 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The firm’s fifty day moving average price is $38.68 and its 200 day moving average price is $42.76. The company has a market capitalization of $55.44 billion, a price-to-earnings ratio of 29.91, a price-to-earnings-growth ratio of 0.88 and a beta of 1.85. Freeport-McMoRan Inc. has a 12 month low of $34.89 and a 12 month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted 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 7.42% and a return on equity of 7.50%. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FCX has been the topic of a number of research reports. Scotiabank reduced their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a report on Friday, January 24th. JPMorgan Chase & Co. reduced their target price 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. Raymond James increased their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Finally, BMO Capital Markets reduced their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Nine equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.