Journey Strategic Wealth LLC Decreases Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Journey Strategic Wealth LLC reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 17.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,322 shares of the natural resource company’s stock after selling 1,963 shares during the period. Journey Strategic Wealth LLC’s holdings in Freeport-McMoRan were worth $355,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds 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 about $25,000. Laurel Wealth Advisors LLC lifted its stake in shares of Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 600 shares during the last quarter. Godsey & Gibb Inc. boosted its holdings in shares of Freeport-McMoRan by 150.4% in the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 346 shares during the period. Continuum Advisory LLC increased its position in shares of 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 last quarter. Finally, Versant Capital Management Inc raised its holdings in Freeport-McMoRan by 194.4% during the 4th quarter. Versant Capital Management Inc now owns 1,042 shares of the natural resource company’s stock valued at $40,000 after buying an additional 688 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $35.81 on Monday. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The stock’s fifty day moving average price is $40.06 and its 200-day moving average price is $43.35. The firm has a market cap of $51.46 billion, a P/E ratio of 27.76, a P/E/G ratio of 0.86 and a beta of 1.87. Freeport-McMoRan Inc. has a 12 month low of $35.46 and a 12 month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS 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, equities research analysts expect that Freeport-McMoRan Inc. will post 1.75 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Raymond James boosted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. 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 report on Thursday, January 16th. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. BMO Capital Markets dropped their target price on 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, Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday. Nine analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.