Ring Mountain Capital LLC Purchases Shares of 16,148 Freeport-McMoRan Inc. (NYSE:FCX)

Ring Mountain Capital LLC acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 16,148 shares of the natural resource company's stock, valued at approximately $615,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Mountaineer Partners Management LLC increased its position in shares of 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 purchasing an additional 11,687,982 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Freeport-McMoRan by 142.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company's stock worth $162,964,000 after buying an additional 2,515,103 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Freeport-McMoRan by 9.5% in the third quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company's stock valued at $1,348,522,000 after buying an additional 2,366,187 shares during the last quarter. Los Angeles Capital Management LLC lifted its stake in shares of 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 worth $139,183,000 after buying an additional 2,255,529 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its stake in shares of 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 worth $2,965,717,000 after buying an additional 1,392,494 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Up 9.3 %

NYSE FCX traded up $3.26 during trading on Wednesday, hitting $38.16. The stock had a trading volume of 28,401,739 shares, compared to its average volume of 14,884,766. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $54.83 billion, a PE ratio of 29.58, a PEG ratio of 0.87 and a beta of 1.85. The firm has a 50 day moving average price of $38.15 and a 200 day moving average price of $42.48. Freeport-McMoRan Inc. has a twelve month low of $34.26 and a twelve month high of $55.24.

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 the consensus estimate 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 research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have weighed in on FCX shares. Jefferies Financial Group raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and raised their target price for the stock from $40.00 to $48.00 in a research note on Thursday, February 27th. Argus lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Friday, January 31st. JPMorgan Chase & Co. decreased their target price 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. Sanford C. Bernstein cut Freeport-McMoRan from an "outperform" rating to a "market perform" rating and decreased their price objective for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Finally, BMO Capital Markets lowered their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating for the company in a research report on Friday, January 24th. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and a consensus price target of $52.04.

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.