E. Ohman J or Asset Management AB Purchases New Position in Freeport-McMoRan Inc. $FCX

E. Ohman J or Asset Management AB acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 48,653 shares of the natural resource company’s stock, valued at approximately $2,471,000.

Several other institutional investors and hedge funds have also recently modified their holdings of FCX. Iowa State Bank boosted its position in shares of Freeport-McMoRan by 0.4% during the fourth quarter. Iowa State Bank now owns 49,059 shares of the natural resource company’s stock valued at $2,492,000 after buying an additional 213 shares during the last quarter. Armstrong Advisory Group Inc. raised its position in Freeport-McMoRan by 17.3% in the 4th quarter. Armstrong Advisory Group Inc. now owns 1,628 shares of the natural resource company’s stock valued at $83,000 after buying an additional 240 shares during the last quarter. Hollencrest Capital Management lifted its stake in Freeport-McMoRan by 0.6% during the 2nd quarter. Hollencrest Capital Management now owns 45,133 shares of the natural resource company’s stock valued at $1,957,000 after acquiring an additional 250 shares in the last quarter. Benjamin Edwards Inc. lifted its stake in Freeport-McMoRan by 0.6% during the 3rd quarter. Benjamin Edwards Inc. now owns 45,095 shares of the natural resource company’s stock valued at $1,769,000 after acquiring an additional 250 shares in the last quarter. Finally, Waterloo Capital L.P. boosted its holdings in Freeport-McMoRan by 3.9% during the 2nd quarter. Waterloo Capital L.P. now owns 6,658 shares of the natural resource company’s stock worth $289,000 after acquiring an additional 251 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Up 2.7%

Shares of FCX opened at $56.45 on Wednesday. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $69.75. The stock has a market cap of $81.12 billion, a PE ratio of 37.38, a P/E/G ratio of 0.64 and a beta of 1.41. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. The business’s 50-day moving average price is $61.53 and its 200-day moving average price is $50.48.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.19. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The business had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $5.42 billion. During the same period in the prior year, the company posted $0.31 EPS. The business’s revenue for the quarter was down 1.5% compared to the same quarter last year. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FCX. Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Thursday, January 22nd. Scotiabank boosted their price target on shares of Freeport-McMoRan from $70.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, February 19th. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and upped their price objective for the stock from $53.50 to $54.00 in a research report on Friday, January 23rd. BNP Paribas Exane increased their price objective on shares of Freeport-McMoRan from $56.00 to $75.00 and gave the company an “outperform” rating in a research note on Thursday, February 12th. Finally, Wall Street Zen cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $62.59.

Insiders Place Their Bets

In other Freeport-McMoRan news, EVP Douglas N. Currault II sold 75,000 shares of the company’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $64.52, for a total value of $4,839,000.00. Following the transaction, the executive vice president directly owned 219,181 shares in the company, valued at $14,141,558.12. This represents a 25.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Maree E. Robertson sold 48,500 shares of the business’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $61.55, for a total transaction of $2,985,175.00. Following the completion of the transaction, the chief financial officer directly owned 79,894 shares of the company’s stock, valued at approximately $4,917,475.70. This represents a 37.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 565,145 shares of company stock worth $35,839,918. 0.79% of the stock is owned by corporate insiders.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.