Geneos Wealth Management Inc. Takes $278,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Geneos Wealth Management Inc. bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 7,301 shares of the natural resource company’s stock, valued at approximately $278,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Mountaineer Partners Management LLC raised its position 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 during the period. Assenagon Asset Management S.A. grew its holdings in shares of Freeport-McMoRan by 142.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company’s stock valued at $162,964,000 after buying an additional 2,515,103 shares during the last quarter. Franklin Resources Inc. raised 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. Los Angeles Capital Management LLC increased its holdings in Freeport-McMoRan by 423.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock worth $139,183,000 after purchasing an additional 2,255,529 shares in the last quarter. Finally, Fisher Asset Management LLC raised its stake in shares of Freeport-McMoRan by 2.4% in the third 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 last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Up 1.2 %

FCX stock opened at $36.28 on Thursday. The stock has a 50-day simple moving average of $40.36 and a two-hundred day simple moving average of $43.58. Freeport-McMoRan Inc. has a twelve month low of $35.46 and a twelve month high of $55.24. The firm has a market capitalization of $52.14 billion, a PE ratio of 26.48, a PEG ratio of 2.39 and a beta of 1.87. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last posted its 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 return on equity of 7.40% and a net margin of 7.81%. On average, equities analysts predict that Freeport-McMoRan Inc. will post 1.42 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have weighed in on FCX. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Raymond James boosted 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. Jefferies Financial Group downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating and decreased their price target for the company from $48.00 to $40.00 in a research report on Friday, January 24th. JPMorgan Chase & Co. cut their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Finally, BMO Capital Markets lowered their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average 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.