Ring Mountain Capital LLC Acquires New Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Ring Mountain Capital LLC acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 16,148 shares of the natural resource company’s stock, valued at approximately $615,000.

Other institutional investors have also bought and sold shares of the company. Asset Planning Inc purchased a new position in Freeport-McMoRan in the fourth quarter valued at approximately $25,000. Laurel Wealth Advisors LLC lifted its stake in Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 600 shares during the last quarter. Roxbury Financial LLC bought a new stake in Freeport-McMoRan during the 4th quarter valued at $28,000. Kohmann Bosshard Financial Services LLC bought a new stake in Freeport-McMoRan during the 4th quarter valued at $29,000. Finally, Financial Life Planners bought a new stake in Freeport-McMoRan during the 4th quarter valued at $36,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 3.8 %

FCX opened at $35.49 on Tuesday. The stock has a market cap of $51.00 billion, a PE ratio of 27.51, a P/E/G ratio of 0.87 and a beta of 1.85. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 52 week low of $34.89 and a 52 week high of $55.24. The business’s fifty day simple moving average is $38.23 and its 200 day simple moving average is $42.54.

Freeport-McMoRan (NYSE:FCX) last released 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%. As a group, research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on FCX shares. BMO Capital Markets lowered 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. Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Jefferies Financial Group raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their price target for the stock from $40.00 to $48.00 in a report on Thursday, February 27th. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Finally, Scotiabank decreased 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 report on Friday, January 24th. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average 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.