Wingate Wealth Advisors Inc. Takes Position in Freeport-McMoRan Inc. (NYSE:FCX)

Wingate Wealth Advisors Inc. purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, Holdings Channel reports. The institutional investor purchased 1,020 shares of the natural resource company’s stock, valued at approximately $39,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FCX. Savant Capital LLC raised its stake in shares of Freeport-McMoRan by 18.7% during the fourth quarter. Savant Capital LLC now owns 32,588 shares of the natural resource company’s stock valued at $1,241,000 after purchasing an additional 5,143 shares during the period. Kestra Private Wealth Services LLC boosted its stake in shares of Freeport-McMoRan by 5.4% in the fourth quarter. Kestra Private Wealth Services LLC now owns 61,740 shares of the natural resource company’s stock valued at $2,351,000 after purchasing an additional 3,167 shares during the period. Stephens Inc. AR grew its holdings in Freeport-McMoRan by 4.8% during the 4th quarter. Stephens Inc. AR now owns 54,429 shares of the natural resource company’s stock valued at $2,073,000 after purchasing an additional 2,493 shares in the last quarter. Empirical Finance LLC increased its stake in Freeport-McMoRan by 20.5% during the 4th quarter. Empirical Finance LLC now owns 59,495 shares of the natural resource company’s stock worth $2,266,000 after buying an additional 10,108 shares during the period. Finally, Empowered Funds LLC lifted its holdings in Freeport-McMoRan by 12.1% in the 4th quarter. Empowered Funds LLC now owns 233,385 shares of the natural resource company’s stock worth $8,887,000 after buying an additional 25,143 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. lowered their target price on 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 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. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. BMO Capital Markets decreased their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Finally, Jefferies Financial Group cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and cut their price target for the company from $48.00 to $40.00 in a report on Friday, January 24th. Nine research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $51.46.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $37.62 on Wednesday. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The firm’s 50-day moving average price is $39.13 and its two-hundred day moving average price is $42.95. Freeport-McMoRan Inc. has a 52-week low of $34.89 and a 52-week high of $55.24. The stock has a market capitalization of $54.05 billion, a P/E ratio of 29.16, a P/E/G ratio of 0.81 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last announced 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%. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.71 earnings per share for the current 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.