Magnetar Financial LLC Takes $223,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Magnetar Financial LLC bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, Holdings Channel reports. The fund bought 5,855 shares of the natural resource company’s stock, valued at approximately $223,000.

A number of other large investors have also added to or reduced their stakes in FCX. Asset Planning Inc acquired a new position in Freeport-McMoRan in the 4th quarter worth $25,000. Vision Financial Markets LLC acquired a new position in shares of Freeport-McMoRan in the fourth quarter worth about $27,000. Laurel Wealth Advisors LLC lifted its stake in shares of Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 600 shares in the last quarter. Roxbury Financial LLC purchased a new position in Freeport-McMoRan in the fourth quarter valued at about $28,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in Freeport-McMoRan during the 4th quarter valued at approximately $29,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Down 1.0 %

Shares of NYSE FCX opened at $40.31 on Monday. Freeport-McMoRan Inc. has a 12-month low of $33.98 and a 12-month high of $55.24. The company has a market cap of $57.93 billion, a price-to-earnings ratio of 31.25, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The stock’s 50 day simple moving average is $38.03 and its 200 day simple moving average is $41.97.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (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%. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. JPMorgan Chase & Co. raised shares of Freeport-McMoRan from a “neutral” rating to an “overweight” rating and upped their price target for the company from $48.00 to $52.00 in a report on Thursday. BMO Capital Markets decreased their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Scotiabank cut 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 research note on Friday, January 24th. Finally, Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $52.04.

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.