AlphaQuest LLC Purchases 43,684 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

AlphaQuest LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 2,342.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 45,549 shares of the natural resource company's stock after purchasing an additional 43,684 shares during the period. AlphaQuest LLC's holdings in Freeport-McMoRan were worth $1,735,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Asset Planning Inc purchased a new stake in Freeport-McMoRan in the fourth quarter worth $25,000. Vision Financial Markets LLC bought a new position in shares of Freeport-McMoRan during the 4th quarter worth $27,000. Laurel Wealth Advisors LLC increased its holdings in Freeport-McMoRan by 487.8% in the 4th 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 during the last quarter. Roxbury Financial LLC bought a new stake in Freeport-McMoRan in the 4th quarter valued at about $28,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in Freeport-McMoRan in the 4th quarter valued at about $29,000. Institutional investors own 80.77% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FCX. Dbs Bank upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday. JPMorgan Chase & Co. dropped their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating on the stock in a research note on Thursday, January 16th. Jefferies Financial Group raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and boosted their target price for the company from $40.00 to $48.00 in a report on Thursday, February 27th. Sanford C. Bernstein lowered Freeport-McMoRan from an "outperform" rating to a "market perform" rating and cut their price target for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Finally, Argus cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Friday, January 31st. Seven investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Freeport-McMoRan has an average rating of "Moderate Buy" and a consensus target price of $51.75.

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Freeport-McMoRan Price Performance

FCX traded up $1.38 during midday trading on Tuesday, hitting $35.88. The stock had a trading volume of 14,551,981 shares, compared to its average volume of 15,276,546. Freeport-McMoRan Inc. has a 1 year low of $33.98 and a 1 year high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The business has a fifty day moving average of $37.98 and a 200 day moving average of $42.28. The company has a market cap of $51.55 billion, a P/E ratio of 27.81, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data 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%. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

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.