OFI Invest Asset Management Purchases New Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

OFI Invest Asset Management acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 841,532 shares of the natural resource company’s stock, valued at approximately $30,947,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Asset Planning Inc bought a new position in Freeport-McMoRan during the 4th quarter valued at approximately $25,000. Vision Financial Markets LLC purchased a new stake in shares of Freeport-McMoRan in the fourth quarter worth $27,000. Laurel Wealth Advisors LLC increased its holdings in shares of Freeport-McMoRan by 487.8% during the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 600 shares in the last quarter. Roxbury Financial LLC bought a new position in shares of Freeport-McMoRan during the fourth quarter valued at $28,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in shares of Freeport-McMoRan in the 4th quarter worth about $29,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 1.9 %

Shares of Freeport-McMoRan stock opened at $36.97 on Friday. The stock has a market capitalization of $53.13 billion, a PE ratio of 28.66, a P/E/G ratio of 0.87 and a beta of 1.87. 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 company’s fifty day simple moving average is $38.06 and its 200-day simple moving average is $42.36. Freeport-McMoRan Inc. has a 1-year low of $34.26 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

FCX has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a report on Thursday. Jefferies Financial Group upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $40.00 to $48.00 in a report on Thursday, February 27th. JPMorgan Chase & Co. cut their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Finally, BMO Capital Markets dropped their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Seven analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $51.75.

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.