Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Hartford Financial Management Inc.

Hartford Financial Management Inc. grew its position in Freeport-McMoRan Inc. (NYSE:FCX) by 3.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,397 shares of the natural resource company’s stock after buying an additional 519 shares during the period. Hartford Financial Management Inc.’s holdings in Freeport-McMoRan were worth $662,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Matrix Trust Co purchased a new position in Freeport-McMoRan in the third quarter worth approximately $25,000. University of Texas Texas AM Investment Management Co. purchased a new stake in Freeport-McMoRan in the 2nd quarter valued at about $27,000. Laurel Wealth Advisors LLC lifted its position in Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after buying an additional 600 shares during the last quarter. Godsey & Gibb Inc. boosted its stake in Freeport-McMoRan by 150.4% during the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after buying an additional 346 shares during the period. Finally, Continuum Advisory LLC raised its stake in shares of Freeport-McMoRan by 46.8% in the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after acquiring an additional 236 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $36.62 on Friday. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 52 week low of $35.46 and a 52 week high of $55.24. The firm’s 50 day moving average is $40.22 and its two-hundred day moving average is $43.54. The firm has a market capitalization of $52.62 billion, a P/E ratio of 28.39, a P/E/G ratio of 0.86 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results 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 net margin of 7.42% and a return on equity of 7.50%. Research analysts forecast that Freeport-McMoRan Inc. will post 1.75 EPS for the current fiscal year.

Analysts Set New Price Targets

FCX has been the subject of several research reports. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Jefferies Financial Group lowered Freeport-McMoRan from a “buy” rating to a “hold” rating and decreased their target price for the stock from $48.00 to $40.00 in a research note on Friday, January 24th. JPMorgan Chase & Co. cut their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Scotiabank dropped their price objective on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, January 24th. Finally, Raymond James increased their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.46.

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.