SVB Wealth LLC Invests $333,000 in Freeport-McMoRan Inc. (NYSE:FCX)

SVB Wealth LLC acquired a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,747 shares of the natural resource company’s stock, valued at approximately $333,000.

Several other institutional investors and hedge funds have also bought and sold shares of FCX. Hosking Partners LLP lifted its holdings in shares of Freeport-McMoRan by 4.0% during the 4th quarter. Hosking Partners LLP now owns 1,299,631 shares of the natural resource company’s stock worth $49,490,000 after acquiring an additional 50,109 shares during the period. Argyle Capital Management LLC raised its position in Freeport-McMoRan by 13.9% during the fourth quarter. Argyle Capital Management LLC now owns 27,566 shares of the natural resource company’s stock valued at $1,050,000 after purchasing an additional 3,366 shares in the last quarter. Peloton Wealth Strategists bought a new stake in Freeport-McMoRan during the fourth quarter worth $1,145,000. Proficio Capital Partners LLC boosted its holdings in shares of Freeport-McMoRan by 360.4% in the 4th quarter. Proficio Capital Partners LLC now owns 238,311 shares of the natural resource company’s stock valued at $9,075,000 after purchasing an additional 186,554 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. increased its stake in shares of Freeport-McMoRan by 6.6% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 218,901 shares of the natural resource company’s stock valued at $8,336,000 after purchasing an additional 13,604 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 1.7 %

Shares of NYSE:FCX opened at $34.93 on Wednesday. The business has a fifty day simple moving average of $38.23 and a 200 day simple moving average of $42.54. Freeport-McMoRan Inc. has a 12-month low of $34.26 and a 12-month high of $55.24. The firm has a market cap of $50.20 billion, a P/E ratio of 27.08, a P/E/G ratio of 0.87 and a beta of 1.85. 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 (NYSE:FCX) last released its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Jefferies Financial Group raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their target price for the stock from $40.00 to $48.00 in a report on Thursday, February 27th. JPMorgan Chase & Co. decreased their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Argus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Finally, Scotiabank decreased their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Friday, January 24th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.04.

Freeport-McMoRan Company 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.