Peloton Wealth Strategists Buys Shares of 30,075 Freeport-McMoRan Inc. (NYSE:FCX)

Peloton Wealth Strategists bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 30,075 shares of the natural resource company’s stock, valued at approximately $1,145,000.

Other hedge funds have also recently made changes to their positions in the company. Asset Planning Inc bought a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $25,000. Laurel Wealth Advisors LLC raised its stake in shares of Freeport-McMoRan by 487.8% during 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 period. Roxbury Financial LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at $28,000. Continuum Advisory LLC raised its stake 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 period. Finally, FSA Wealth Management LLC bought a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at $46,000. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on FCX. JPMorgan Chase & Co. decreased their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. BMO Capital Markets reduced 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. Jefferies Financial Group upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their target price for the stock from $40.00 to $48.00 in a research report on Thursday. Finally, Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.04.

Freeport-McMoRan Price Performance

FCX opened at $37.35 on Friday. The stock has a 50-day moving average price of $38.35 and a 200-day moving average price of $42.62. Freeport-McMoRan Inc. has a 12-month low of $34.89 and a 12-month high of $55.24. 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 has a market capitalization of $53.67 billion, a P/E ratio of 28.95, a PEG ratio of 0.87 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Equities analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

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.