Palogic Value Management L.P. Increases Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Palogic Value Management L.P. grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,277 shares of the natural resource company’s stock after buying an additional 292 shares during the quarter. Palogic Value Management L.P.’s holdings in Freeport-McMoRan were worth $772,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Sanctuary Advisors LLC raised its position in shares of Freeport-McMoRan by 9.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock valued at $8,219,000 after buying an additional 14,501 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at about $754,000. Madison Investment Advisors LLC purchased a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $3,388,000. Principal Financial Group Inc. raised its position in shares of Freeport-McMoRan by 4.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,684,393 shares of the natural resource company’s stock valued at $84,085,000 after buying an additional 66,699 shares in the last quarter. Finally, Czech National Bank grew its holdings in Freeport-McMoRan by 6.4% during the 4th quarter. Czech National Bank now owns 311,555 shares of the natural resource company’s stock valued at $11,864,000 after purchasing an additional 18,852 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

NYSE FCX opened at $40.72 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The firm’s 50 day moving average price is $38.00 and its 200-day moving average price is $41.99. Freeport-McMoRan Inc. has a 52-week low of $33.98 and a 52-week high of $55.24. The company has a market cap of $58.51 billion, a PE ratio of 31.56, a P/E/G ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data 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%. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Scotiabank cut their price target 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. Argus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Dbs Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. BMO Capital Markets cut their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Finally, Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price target for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus price target of $52.04.

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.