NewEdge Wealth LLC Increases Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

NewEdge Wealth LLC increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 18.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,427 shares of the natural resource company’s stock after buying an additional 5,665 shares during the period. NewEdge Wealth LLC’s holdings in Freeport-McMoRan were worth $1,387,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC increased its position in shares of Freeport-McMoRan by 4.4% during the third quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock worth $277,000 after acquiring an additional 234 shares during the last quarter. Continuum Advisory LLC increased its holdings in Freeport-McMoRan by 46.8% during the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 236 shares during the last quarter. Harbor Capital Advisors Inc. increased its holdings in Freeport-McMoRan by 0.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 50,431 shares of the natural resource company’s stock worth $2,518,000 after purchasing an additional 244 shares during the last quarter. Intellectus Partners LLC raised its position in shares of Freeport-McMoRan by 0.4% in the 3rd quarter. Intellectus Partners LLC now owns 71,758 shares of the natural resource company’s stock valued at $3,582,000 after purchasing an additional 256 shares in the last quarter. Finally, Mesirow Financial Investment Management Inc. boosted its stake in shares of Freeport-McMoRan by 1.8% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 15,646 shares of the natural resource company’s stock valued at $781,000 after buying an additional 279 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on FCX shares. Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Scotiabank cut their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Friday, January 24th. BMO Capital Markets decreased their price target on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Jefferies Financial Group upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their price objective for the company from $40.00 to $48.00 in a research note on Thursday. Finally, Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.04.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $36.92 on Friday. The firm’s 50 day moving average is $38.31 and its two-hundred day moving average is $42.59. The firm has a market capitalization of $53.05 billion, a P/E ratio of 28.62, a PEG ratio of 0.87 and a beta of 1.85. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 52 week low of $34.89 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its 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%. Analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan 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.