Foster Victor Wealth Advisors LLC Buys 45,289 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Foster Victor Wealth Advisors LLC grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 17.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 297,725 shares of the natural resource company’s stock after acquiring an additional 45,289 shares during the quarter. Foster Victor Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $11,975,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of FCX. R Squared Ltd bought a new position in Freeport-McMoRan in the 4th quarter worth about $206,000. Twelve Points Wealth Management LLC lifted its stake in shares of Freeport-McMoRan by 9.1% in the fourth quarter. Twelve Points Wealth Management LLC now owns 44,313 shares of the natural resource company’s stock worth $1,687,000 after buying an additional 3,680 shares in the last quarter. Foster Group Inc. increased its position in shares of Freeport-McMoRan by 1.2% during the fourth quarter. Foster Group Inc. now owns 32,529 shares of the natural resource company’s stock valued at $1,239,000 after acquiring an additional 379 shares in the last quarter. Signature Wealth Management Partners LLC raised its holdings in Freeport-McMoRan by 16.4% in the 4th quarter. Signature Wealth Management Partners LLC now owns 7,100 shares of the natural resource company’s stock worth $270,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Stonegate Investment Group LLC lifted its position in Freeport-McMoRan by 6.8% in the 4th quarter. Stonegate Investment Group LLC now owns 32,480 shares of the natural resource company’s stock valued at $1,237,000 after acquiring an additional 2,055 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FCX has been the subject of several recent analyst reports. BMO Capital Markets decreased their price target on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. JPMorgan Chase & Co. reduced their price target 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. Raymond James increased their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Scotiabank cut their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research report on Friday, January 24th. Finally, Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Eight 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 stock. According to MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $51.46.

Freeport-McMoRan Stock Down 2.4 %

FCX stock opened at $35.80 on Wednesday. The business’s 50-day moving average price is $40.51 and its 200-day moving average price is $43.64. The stock has a market cap of $51.45 billion, a P/E ratio of 26.13, a PEG ratio of 2.39 and a beta of 1.87. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a twelve month low of $35.46 and a twelve month high of $55.24.

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

About Freeport-McMoRan

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.