Optimal Asset Management Inc. increased its stake in Freeport-McMoRan Inc (NYSE:FCX) by 45.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 264,393 shares of the natural resource company’s stock after buying an additional 82,915 shares during the quarter. Optimal Asset Management Inc.’s holdings in Freeport-McMoRan were worth $1,785,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Fisher Asset Management LLC increased its stake in Freeport-McMoRan by 1.7% in the first quarter. Fisher Asset Management LLC now owns 38,272,436 shares of the natural resource company’s stock worth $258,339,000 after purchasing an additional 654,899 shares during the period. Franklin Resources Inc. boosted its holdings in Freeport-McMoRan by 3,870.1% in the first quarter. Franklin Resources Inc. now owns 29,751,080 shares of the natural resource company’s stock worth $200,819,000 after acquiring an additional 29,001,705 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Freeport-McMoRan by 10.5% in the fourth quarter. Geode Capital Management LLC now owns 23,597,585 shares of the natural resource company’s stock worth $308,993,000 after acquiring an additional 2,239,244 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Freeport-McMoRan by 6.0% in the first quarter. Bank of New York Mellon Corp now owns 22,648,237 shares of the natural resource company’s stock worth $152,875,000 after acquiring an additional 1,273,001 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its holdings in shares of Freeport-McMoRan by 32.6% during the fourth quarter. Nuveen Asset Management LLC now owns 12,814,294 shares of the natural resource company’s stock worth $168,123,000 after purchasing an additional 3,149,466 shares during the period. Institutional investors own 71.17% of the company’s stock.

A number of brokerages have issued reports on FCX. Bank of America boosted their price target on Freeport-McMoRan from $11.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, May 21st. TheStreet cut Freeport-McMoRan from a “c” rating to a “d+” rating in a research report on Friday, April 24th. Raymond James boosted their price objective on Freeport-McMoRan from $9.00 to $10.00 and gave the stock a “market perform” rating in a research note on Monday, April 27th. Credit Suisse Group boosted their price objective on Freeport-McMoRan from $8.00 to $9.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. Finally, Morgan Stanley upped their price target on Freeport-McMoRan from $11.40 to $12.50 and gave the company an “overweight” rating in a research note on Tuesday. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Freeport-McMoRan presently has a consensus rating of “Buy” and an average price target of $12.97.

FCX traded down $0.18 during trading on Friday, reaching $10.90. The stock had a trading volume of 6,280,804 shares, compared to its average volume of 21,810,028. The firm has a market capitalization of $15.79 billion, a price-to-earnings ratio of -22.66 and a beta of 2.24. The company has a quick ratio of 1.11, a current ratio of 2.34 and a debt-to-equity ratio of 0.58. Freeport-McMoRan Inc has a 1-year low of $4.82 and a 1-year high of $13.64. The stock has a 50 day moving average of $9.68 and a two-hundred day moving average of $10.19.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Friday, April 24th. The natural resource company reported ($0.16) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.02. The firm had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.98 billion. Freeport-McMoRan had a negative return on equity of 1.55% and a negative net margin of 5.05%. The firm’s revenue for the quarter was down 26.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.05 earnings per share. On average, research analysts forecast that Freeport-McMoRan Inc will post 0.03 EPS for the current fiscal year.

Freeport-McMoRan Company Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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