Hourglass Capital LLC Grows Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Hourglass Capital LLC increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 8.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 157,590 shares of the natural resource company's stock after buying an additional 12,125 shares during the quarter. Freeport-McMoRan comprises about 1.7% of Hourglass Capital LLC's portfolio, making the stock its 25th biggest position. Hourglass Capital LLC's holdings in Freeport-McMoRan were worth $6,001,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in FCX. Sanctuary Advisors LLC boosted its stake in Freeport-McMoRan by 9.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company's stock valued at $8,219,000 after purchasing an additional 14,501 shares during the last quarter. Easterly Investment Partners LLC boosted its position in shares of Freeport-McMoRan by 137.5% during the third quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company's stock valued at $7,375,000 after buying an additional 85,542 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Freeport-McMoRan in the 3rd quarter valued at $754,000. Summit Global Investments lifted its stake in Freeport-McMoRan by 1,559.3% during the 3rd quarter. Summit Global Investments now owns 76,493 shares of the natural resource company's stock valued at $3,819,000 after acquiring an additional 71,883 shares in the last quarter. Finally, AIA Group Ltd lifted its stake in Freeport-McMoRan by 16.2% during the 3rd quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company's stock valued at $4,604,000 after acquiring an additional 12,887 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an "outperform" rating to a "market perform" rating and dropped their price target for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Argus cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Friday, January 31st. Raymond James lifted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. cut their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating on the stock in a report on Thursday, January 16th. Finally, 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. Nine research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Freeport-McMoRan has an average rating of "Moderate Buy" and an average target price of $51.46.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX traded down $0.92 during midday trading on Wednesday, reaching $38.38. 4,474,667 shares of the company traded hands, compared to its average volume of 14,620,043. The firm's fifty day moving average price is $38.77 and its two-hundred day moving average price is $42.79. The firm has a market capitalization of $55.15 billion, a price-to-earnings ratio of 29.77, a price-to-earnings-growth ratio of 0.88 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 12 month low of $34.89 and a 12 month high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued 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 return on equity of 7.50% and a net margin of 7.42%. On average, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

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.