Clear Harbor Asset Management LLC Acquires Shares of 8,706 Freeport-McMoRan Inc. (NYSE:FCX)

Clear Harbor Asset Management LLC bought a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, Holdings Channel.com reports. The fund bought 8,706 shares of the natural resource company’s stock, valued at approximately $332,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Matrix Trust Co purchased a new position in Freeport-McMoRan during the 3rd quarter worth $25,000. University of Texas Texas AM Investment Management Co. bought a new position in shares of Freeport-McMoRan during the 2nd quarter worth $27,000. Laurel Wealth Advisors LLC increased its stake in shares of Freeport-McMoRan by 487.8% during the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after buying an additional 600 shares during the period. Godsey & Gibb Inc. raised its holdings in shares of Freeport-McMoRan by 150.4% in the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 346 shares in the last quarter. Finally, Continuum Advisory LLC lifted its stake in Freeport-McMoRan by 46.8% in the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 236 shares during the period. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

FCX has been the topic of a number of research reports. Scotiabank cut their target price on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research report on Monday, January 6th. Raymond James lifted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. lowered their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Jefferies Financial Group cut their price target on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average target price of $52.42.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $40.32 on Wednesday. Freeport-McMoRan Inc. has a fifty-two week low of $36.26 and a fifty-two week high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The firm has a market capitalization of $57.93 billion, a price-to-earnings ratio of 29.43, a PEG ratio of 2.21 and a beta of 1.87. The stock’s 50-day simple moving average is $41.09 and its 200-day simple moving average is $44.12.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. The company had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Freeport-McMoRan’s revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.39 EPS. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 1.47 earnings per share for the current fiscal 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.