Pacer Advisors Inc. Acquires 14,023 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Pacer Advisors Inc. grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 11.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 136,799 shares of the natural resource company’s stock after purchasing an additional 14,023 shares during the quarter. Pacer Advisors Inc.’s holdings in Freeport-McMoRan were worth $5,209,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in FCX. Matrix Trust Co purchased a new stake in Freeport-McMoRan in the 3rd quarter valued at about $25,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Freeport-McMoRan in the second quarter valued at approximately $27,000. Laurel Wealth Advisors LLC grew its stake in Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 600 shares in the last quarter. Godsey & Gibb Inc. increased its holdings in Freeport-McMoRan by 150.4% during the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 346 shares during the period. Finally, Continuum Advisory LLC raised its position in Freeport-McMoRan by 46.8% during the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 236 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

FCX opened at $36.62 on Friday. The firm’s 50-day moving average price is $40.22 and its 200-day moving average price is $43.54. The company has a market cap of $52.62 billion, a P/E ratio of 26.73, a price-to-earnings-growth ratio of 2.39 and a beta of 1.87. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 52-week low of $35.46 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.42 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on FCX shares. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. BMO Capital Markets cut their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Raymond James upped their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Scotiabank cut their price objective 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, Jefferies Financial Group lowered Freeport-McMoRan from a “buy” rating to a “hold” rating and lowered their target price for the stock from $48.00 to $40.00 in a report on Friday, January 24th. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.46.

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.