New York Life Investment Management LLC Raises Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

New York Life Investment Management LLC boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 0.3% during the fourth quarter, HoldingsChannel reports. The firm owned 213,593 shares of the natural resource company’s stock after buying an additional 649 shares during the period. New York Life Investment Management LLC’s holdings in Freeport-McMoRan were worth $8,134,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of FCX. Fidelis Capital Partners LLC boosted its holdings in shares of Freeport-McMoRan by 2.0% in the 3rd quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock worth $560,000 after purchasing an additional 231 shares in the last quarter. First Trust Direct Indexing L.P. boosted its stake in Freeport-McMoRan by 4.6% in the third quarter. First Trust Direct Indexing L.P. now owns 47,690 shares of the natural resource company’s stock worth $2,381,000 after buying an additional 2,078 shares in the last quarter. Pinnacle Associates Ltd. grew its position in Freeport-McMoRan by 0.4% during the third quarter. Pinnacle Associates Ltd. now owns 220,726 shares of the natural resource company’s stock valued at $11,019,000 after acquiring an additional 983 shares during the last quarter. S.A. Mason LLC raised its stake in shares of Freeport-McMoRan by 42.1% during the third quarter. S.A. Mason LLC now owns 4,413 shares of the natural resource company’s stock worth $220,000 after acquiring an additional 1,307 shares in the last quarter. Finally, Catalyst Financial Partners LLC lifted its holdings in shares of Freeport-McMoRan by 5.4% in the 3rd quarter. Catalyst Financial Partners LLC now owns 7,085 shares of the natural resource company’s stock worth $354,000 after acquiring an additional 364 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FCX has been the topic of a number of recent research reports. Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. JPMorgan Chase & Co. reduced their price target 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. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Scotiabank cut their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a report on Friday, January 24th. Finally, BMO Capital Markets lowered 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. Eight 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. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $52.04.

Freeport-McMoRan Trading Down 1.6 %

NYSE:FCX opened at $37.35 on Friday. The company has a 50-day moving average price of $38.35 and a 200-day moving average price of $42.62. The stock has a market cap of $53.67 billion, a price-to-earnings ratio of 28.95, a P/E/G ratio of 0.87 and a beta of 1.85. The company has a current ratio of 2.42, a quick ratio of 1.18 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) last issued its quarterly earnings data 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%. Equities analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS 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.