Apollon Wealth Management LLC Boosts Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Apollon Wealth Management LLC lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 39,486 shares of the natural resource company’s stock after purchasing an additional 2,055 shares during the quarter. Apollon Wealth Management LLC’s holdings in Freeport-McMoRan were worth $1,504,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Brookstone Capital Management lifted its holdings in shares of Freeport-McMoRan by 53.8% in the 3rd quarter. Brookstone Capital Management now owns 13,044 shares of the natural resource company’s stock worth $651,000 after acquiring an additional 4,565 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in Freeport-McMoRan by 22.1% in the third quarter. Exchange Traded Concepts LLC now owns 14,998 shares of the natural resource company’s stock worth $749,000 after purchasing an additional 2,716 shares during the last quarter. Koshinski Asset Management Inc. boosted its position in Freeport-McMoRan by 1.0% during the third quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock valued at $1,037,000 after buying an additional 214 shares during the period. Webster Bank N. A. grew its stake in shares of Freeport-McMoRan by 28.0% during the third quarter. Webster Bank N. A. now owns 1,124 shares of the natural resource company’s stock valued at $56,000 after buying an additional 246 shares during the last quarter. Finally, Armstrong Advisory Group Inc. increased its holdings in shares of Freeport-McMoRan by 68.7% in the third quarter. Armstrong Advisory Group Inc. now owns 3,970 shares of the natural resource company’s stock worth $198,000 after buying an additional 1,617 shares during the period. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on FCX shares. Scotiabank dropped their target price on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, January 24th. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Raymond James upped their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. BMO Capital Markets cut their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Finally, Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Nine investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $51.46.

Freeport-McMoRan Stock Up 0.6 %

FCX stock opened at $38.47 on Tuesday. Freeport-McMoRan Inc. has a fifty-two week low of $34.89 and a fifty-two week high of $55.24. The company has a market capitalization of $55.27 billion, a price-to-earnings ratio of 29.82, a price-to-earnings-growth ratio of 0.81 and a beta of 1.85. The business’s 50 day moving average price is $39.25 and its two-hundred day moving average price is $43.01. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly 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 return on equity of 7.50% and a net margin of 7.42%. As a group, analysts forecast that Freeport-McMoRan Inc. will post 1.71 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.