Assetmark Inc. Raises Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Assetmark Inc. boosted its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 12.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 76,866 shares of the natural resource company's stock after purchasing an additional 8,472 shares during the quarter. Assetmark Inc.'s holdings in Freeport-McMoRan were worth $2,927,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FCX. Mountaineer Partners Management LLC lifted its position in 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 valued at $595,702,000 after acquiring an additional 11,687,982 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Freeport-McMoRan by 142.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company's stock worth $162,964,000 after purchasing an additional 2,515,103 shares in the last quarter. Franklin Resources Inc. grew its stake in Freeport-McMoRan by 9.5% during 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 buying an additional 2,366,187 shares during the last quarter. Los Angeles Capital Management LLC increased its position 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 valued at $139,183,000 after buying an additional 2,255,529 shares in the last quarter. Finally, Fisher Asset Management LLC raised its stake in 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 valued at $2,965,717,000 after buying an additional 1,392,494 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on FCX shares. Jefferies Financial Group upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and upped their price objective for the company from $40.00 to $48.00 in a report on Thursday, February 27th. BMO Capital Markets decreased their price target 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. 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 report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target for the company in a research report on Thursday, March 6th. Finally, Dbs Bank raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday. Seven equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of "Moderate Buy" and a consensus price target of $51.75.

Freeport-McMoRan Trading Up 3.2 %

NYSE:FCX traded up $1.11 on Tuesday, reaching $35.61. 9,516,997 shares of the company's stock were exchanged, compared to its average volume of 15,187,579. The business has a fifty day moving average of $37.98 and a 200-day moving average of $42.28. 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 $33.98 and a 52-week high of $55.24. The firm has a market capitalization of $51.17 billion, a price-to-earnings ratio of 27.56, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results 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, analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current 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.