Hourglass Capital LLC Acquires 12,125 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Hourglass Capital LLC lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 8.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 157,590 shares of the natural resource company’s stock after buying an additional 12,125 shares during the period. Freeport-McMoRan comprises 1.7% of Hourglass Capital LLC’s holdings, making the stock its 25th largest holding. Hourglass Capital LLC’s holdings in Freeport-McMoRan were worth $6,001,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Fisher Asset Management LLC raised 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 period. Geode Capital Management LLC raised its holdings in Freeport-McMoRan by 1.9% during the 3rd 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 buying an additional 529,099 shares during the period. Franklin Resources Inc. lifted its position in Freeport-McMoRan by 9.5% in the third quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock worth $1,348,522,000 after buying an additional 2,366,187 shares during the last quarter. Mountaineer Partners Management LLC boosted its stake 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 worth $595,702,000 after buying an additional 11,687,982 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Freeport-McMoRan by 1.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 8,223,038 shares of the natural resource company’s stock valued at $410,494,000 after acquiring an additional 127,251 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on FCX. JPMorgan Chase & Co. lowered their target price on shares of 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 downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $48.00 to $40.00 in a research note on Friday, January 24th. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their target price for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Raymond James raised their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Scotiabank cut their price objective 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. Nine research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $51.46.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $39.46 on Friday. The firm has a market cap of $56.69 billion, a price-to-earnings ratio of 30.59, a PEG ratio of 0.81 and a beta of 1.85. Freeport-McMoRan Inc. has a 52-week low of $34.89 and a 52-week high of $55.24. 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 company’s 50 day moving average is $38.93 and its 200 day moving average is $42.86.

Freeport-McMoRan (NYSE:FCX) last announced 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 net margin of 7.42% and a return on equity of 7.50%. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.71 EPS for the current fiscal year.

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.