Blume Capital Management Inc. Has $6.81 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Blume Capital Management Inc. lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 0.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 178,719 shares of the natural resource company’s stock after acquiring an additional 390 shares during the quarter. Freeport-McMoRan makes up 1.5% of Blume Capital Management Inc.’s portfolio, making the stock its 28th biggest holding. Blume Capital Management Inc.’s holdings in Freeport-McMoRan were worth $6,806,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Fisher Asset Management LLC boosted its position in Freeport-McMoRan by 2.4% during the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after purchasing an additional 1,392,494 shares during the last quarter. Geode Capital Management LLC boosted its position in Freeport-McMoRan by 1.9% during the third quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock valued at $1,436,455,000 after purchasing an additional 529,099 shares during the last quarter. Franklin Resources Inc. boosted its position in Freeport-McMoRan by 9.5% during 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 purchasing an additional 2,366,187 shares during the last quarter. Amundi boosted its position in Freeport-McMoRan by 30.2% during the fourth quarter. Amundi now owns 21,580,960 shares of the natural resource company’s stock valued at $857,305,000 after purchasing an additional 5,001,531 shares during the last quarter. Finally, Mountaineer Partners Management LLC boosted its position in 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 valued at $595,702,000 after purchasing an additional 11,687,982 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 2.1 %

FCX stock opened at $37.57 on Friday. Freeport-McMoRan Inc. has a twelve month low of $33.98 and a twelve month high of $55.24. The company has a market cap of $53.98 billion, a PE ratio of 29.12, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87. The business’s 50-day simple moving average is $37.92 and its 200 day simple moving average is $42.18. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data 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 net margin of 7.42% and a return on equity of 7.50%. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Analysts Set New Price Targets

FCX has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research report on Thursday, March 6th. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Scotiabank cut their target price on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a report on Friday, January 24th. Jefferies Financial Group upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their target price for the company from $40.00 to $48.00 in a report on Thursday, February 27th. Finally, BMO Capital Markets cut their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.75.

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.