Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Advocate Group LLC

Advocate Group LLC boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 11.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 59,967 shares of the natural resource company’s stock after acquiring an additional 6,139 shares during the quarter. Advocate Group LLC’s holdings in Freeport-McMoRan were worth $2,284,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Matrix Trust Co acquired a new stake in Freeport-McMoRan during the 3rd quarter worth approximately $25,000. University of Texas Texas AM Investment Management Co. acquired a new stake in Freeport-McMoRan during the 2nd quarter worth approximately $27,000. Laurel Wealth Advisors LLC lifted its position in Freeport-McMoRan by 487.8% during the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 600 shares during the period. Godsey & Gibb Inc. lifted its position in Freeport-McMoRan by 150.4% during the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 346 shares during the period. Finally, Continuum Advisory LLC lifted its position in Freeport-McMoRan by 46.8% during the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 236 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FCX. Jefferies Financial Group cut Freeport-McMoRan from a “buy” rating to a “hold” rating and reduced their price target for the company from $48.00 to $40.00 in a report on Friday. Scotiabank dropped their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research note on Friday. BMO Capital Markets dropped their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday. Raymond James raised their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. dropped their price target on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $51.46.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $37.78 on Friday. The business’s fifty day moving average price is $40.81 and its 200 day moving average price is $43.95. The stock has a market capitalization of $54.29 billion, a P/E ratio of 27.58, a PEG ratio of 2.39 and a beta of 1.87. Freeport-McMoRan Inc. has a twelve month low of $36.26 and a twelve month high of $55.24. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.42 earnings per share for the current 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.