Freeport-McMoRan Inc. (NYSE:FCX) Stake Lifted by Signature Estate & Investment Advisors LLC

Signature Estate & Investment Advisors LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 9.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 463,394 shares of the natural resource company’s stock after acquiring an additional 41,172 shares during the quarter. Signature Estate & Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $17,646,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Mountaineer Partners Management LLC lifted its position in Freeport-McMoRan by 4,767.8% in the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock valued at $595,702,000 after purchasing an additional 11,687,982 shares during the last quarter. Amundi increased its stake in shares of Freeport-McMoRan by 30.2% in the fourth quarter. Amundi now owns 21,580,960 shares of the natural resource company’s stock valued at $857,305,000 after purchasing an additional 5,001,531 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of Freeport-McMoRan by 142.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company’s stock valued at $162,964,000 after buying an additional 2,515,103 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of Freeport-McMoRan by 9.5% during the third quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock worth $1,348,522,000 after buying an additional 2,366,187 shares during the period. Finally, Fisher Asset Management LLC grew its holdings in Freeport-McMoRan by 2.4% in the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after buying an additional 1,392,494 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FCX. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, March 20th. Dbs Bank raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. JPMorgan Chase & Co. raised shares of Freeport-McMoRan from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $48.00 to $52.00 in a research note on Thursday, March 20th. Argus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Finally, BMO Capital Markets reduced their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.04.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $41.66 on Tuesday. The stock’s fifty day simple moving average is $38.08 and its 200-day simple moving average is $41.97. The company has a market capitalization of $59.87 billion, a price-to-earnings ratio of 32.30, a P/E/G ratio of 0.87 and a beta of 1.87. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 1-year low of $33.98 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its 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 7.42% and a return on equity of 7.50%. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

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.