By otakuyassine3@gmail.com 
Empowered Funds LLC boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 12.1% during the 4th quarter, Holdings Channel reports. The firm owned 233,385 shares of the natural resource company’s stock after acquiring an additional 25,143 shares during the period. Empowered Funds LLC’s holdings in Freeport-McMoRan were worth $8,887,000 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 FCX. Apollon Wealth Management LLC grew its position in Freeport-McMoRan by 5.5% during the fourth quarter. Apollon Wealth Management LLC now owns 39,486 shares of the natural resource company’s stock valued at $1,504,000 after buying an additional 2,055 shares during the period. Cantor Fitzgerald Investment Advisors L.P. boosted its stake in Freeport-McMoRan by 4.2% in the fourth quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 13,088 shares of the natural resource company’s stock valued at $498,000 after acquiring an additional 525 shares during the last quarter. BayBridge Capital Group LLC bought a new position in shares of Freeport-McMoRan during the 4th quarter valued at approximately $580,000. Quattro Financial Advisors LLC increased its stake in shares of Freeport-McMoRan by 30.2% during the 4th quarter. Quattro Financial Advisors LLC now owns 49,800 shares of the natural resource company’s stock worth $1,984,000 after purchasing an additional 11,538 shares during the last quarter. Finally, Cidel Asset Management Inc. raised its holdings in shares of Freeport-McMoRan by 5.7% in the 4th quarter. Cidel Asset Management Inc. now owns 7,722 shares of the natural resource company’s stock worth $294,000 after purchasing an additional 414 shares during the period. Institutional investors own 80.77% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have weighed in on FCX. Scotiabank reduced their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, January 24th. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Jefferies Financial Group cut Freeport-McMoRan from a “buy” rating to a “hold” rating and lowered their price objective for the company from $48.00 to $40.00 in a research note on Friday, January 24th. JPMorgan Chase & Co. reduced their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Finally, Raymond James upped their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Nine investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus target price of $51.46.
Get Our Latest Stock Analysis on FCX
Freeport-McMoRan Trading Up 3.0 %
Freeport-McMoRan stock opened at $38.27 on Monday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. Freeport-McMoRan Inc. has a fifty-two week low of $34.89 and a fifty-two week high of $55.24. The stock has a market cap of $54.98 billion, a P/E ratio of 29.66, a PEG ratio of 0.81 and a beta of 1.85. The firm’s fifty day moving average price is $39.36 and its 200-day moving average price is $43.05.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last announced its earnings results 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 return on equity of 7.50% and a net margin of 7.42%. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.71 earnings per share for the current fiscal year.
Freeport-McMoRan 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.
See Also
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