Sprott Inc. Grows Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Sprott Inc. lifted its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 138.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,284 shares of the natural resource company's stock after acquiring an additional 21,080 shares during the period. Sprott Inc.'s holdings in Freeport-McMoRan were worth $1,382,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in FCX. Allworth Financial LP grew its position in Freeport-McMoRan by 7.3% during the 3rd quarter. Allworth Financial LP now owns 7,336 shares of the natural resource company's stock worth $366,000 after purchasing an additional 500 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Freeport-McMoRan by 1.5% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 158,417 shares of the natural resource company's stock valued at $7,908,000 after acquiring an additional 2,322 shares during the period. Modera Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at about $321,000. Nisa Investment Advisors LLC grew its position in shares of Freeport-McMoRan by 0.9% during the 3rd quarter. Nisa Investment Advisors LLC now owns 341,039 shares of the natural resource company's stock valued at $17,025,000 after acquiring an additional 2,925 shares during the period. Finally, Autumn Glory Partners LLC grew its position in shares of Freeport-McMoRan by 128.2% during the 3rd quarter. Autumn Glory Partners LLC now owns 11,592 shares of the natural resource company's stock valued at $581,000 after acquiring an additional 6,512 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

FCX traded down $0.51 during trading on Friday, reaching $36.92. The company's stock had a trading volume of 14,776,973 shares, compared to its average volume of 14,538,130. 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 firm has a fifty day simple moving average of $38.31 and a two-hundred day simple moving average of $42.59. Freeport-McMoRan Inc. has a 1 year low of $34.89 and a 1 year high of $55.24. The company has a market cap of $53.05 billion, a price-to-earnings ratio of 28.62, a PEG ratio of 0.87 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share 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%. As a group, analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. JPMorgan Chase & Co. dropped 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. Scotiabank dropped their target price on Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating on the stock in a research report on Friday, January 24th. BMO Capital Markets dropped their target price on Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a research report on Friday, January 24th. Argus cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Friday, January 31st. Finally, Sanford C. Bernstein lowered shares of Freeport-McMoRan from an "outperform" rating to a "market perform" rating and decreased their price target for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of "Moderate Buy" and an average price target of $52.04.

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.