Diversify Advisory Services LLC Increases Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Diversify Advisory Services LLC raised its position in Freeport-McMoRan Inc. (NYSE:FCX) by 4.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,385 shares of the natural resource company’s stock after acquiring an additional 806 shares during the quarter. Diversify Advisory Services LLC’s holdings in Freeport-McMoRan were worth $678,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Matrix Trust Co bought a new position in Freeport-McMoRan during the 3rd quarter valued at approximately $25,000. University of Texas Texas AM Investment Management Co. bought a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $27,000. Laurel Wealth Advisors LLC lifted its stake 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 worth $28,000 after acquiring an additional 600 shares during the period. Godsey & Gibb Inc. boosted its holdings in Freeport-McMoRan by 150.4% in the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 346 shares in the last quarter. Finally, Continuum Advisory LLC increased its position in Freeport-McMoRan by 46.8% during the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 236 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FCX has been the topic of a number of research analyst reports. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Raymond James raised their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Scotiabank cut their price target on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research note on Monday, January 6th. JPMorgan Chase & Co. decreased their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Finally, Jefferies Financial Group dropped their price target on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Seven investment 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 company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $52.42.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $40.32 on Wednesday. The business has a 50-day moving average price of $41.09 and a 200-day moving average price of $44.12. The firm has a market cap of $57.93 billion, a price-to-earnings ratio of 29.43, a price-to-earnings-growth ratio of 2.21 and a beta of 1.87. Freeport-McMoRan Inc. has a twelve month low of $36.26 and a twelve month high of $55.24. 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 (NYSE:FCX) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. During the same period last year, the firm posted $0.39 EPS. The company’s revenue was up 16.6% on a year-over-year basis. As a group, equities research analysts predict that Freeport-McMoRan Inc. will post 1.47 EPS 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.