Levin Capital Strategies L.P. Takes Position in Freeport-McMoRan Inc. (NYSE:FCX)

Levin Capital Strategies L.P. purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 259,719 shares of the natural resource company's stock, valued at approximately $9,890,000.

Other hedge funds also recently made changes to their positions in the company. Mountaineer Partners Management LLC increased its holdings 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 worth $595,702,000 after buying an additional 11,687,982 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Freeport-McMoRan by 142.5% during 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 during the last quarter. Franklin Resources Inc. raised its holdings in shares of Freeport-McMoRan by 9.5% in 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 purchasing an additional 2,366,187 shares during the period. Los Angeles Capital Management LLC lifted its stake in Freeport-McMoRan by 423.5% in the third 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 purchasing an additional 2,255,529 shares during the last quarter. Finally, Fisher Asset Management LLC grew its holdings in Freeport-McMoRan by 2.4% during 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 purchasing an additional 1,392,494 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

FCX has been the topic of several research reports. BMO Capital Markets lowered their target price on Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a research note on Friday, January 24th. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an "outperform" rating to a "market perform" rating and dropped their price objective for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. JPMorgan Chase & Co. reduced their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating for the company in a research note on Thursday, January 16th. Scotiabank dropped their price target 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, Jefferies Financial Group upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and lifted their price objective for the company from $40.00 to $48.00 in a research note on Thursday. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $52.04.

Freeport-McMoRan Price Performance

Shares of FCX traded down $0.75 during trading hours on Monday, reaching $36.16. 8,142,091 shares of the company's stock traded hands, compared to its average volume of 14,362,394. 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 firm's 50 day simple moving average is $38.31 and its 200-day simple moving average is $42.60. The stock has a market cap of $51.97 billion, a PE ratio of 28.04, a price-to-earnings-growth ratio of 0.87 and a beta of 1.85. 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 posted its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (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%. Equities analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

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.