Freeport-McMoRan Inc. (NYSE:FCX) Stock Holdings Boosted by NewEdge Wealth LLC

NewEdge Wealth LLC lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 18.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 36,427 shares of the natural resource company’s stock after buying an additional 5,665 shares during the quarter. NewEdge Wealth LLC’s holdings in Freeport-McMoRan were worth $1,387,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of FCX. Asset Planning Inc bought a new stake in Freeport-McMoRan in the fourth quarter worth about $25,000. Laurel Wealth Advisors LLC grew 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 worth $28,000 after purchasing an additional 600 shares during the last quarter. Roxbury Financial LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $28,000. Financial Life Planners bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $36,000. Finally, Continuum Advisory LLC lifted its stake in Freeport-McMoRan by 46.8% during the third 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. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX stock opened at $36.92 on Friday. The firm has a 50 day simple moving average of $38.31 and a 200 day simple moving average of $42.59. Freeport-McMoRan Inc. has a 52 week low of $34.89 and a 52 week high of $55.24. The stock has a market cap of $53.05 billion, a P/E ratio of 28.62, a P/E/G ratio of 0.87 and a beta of 1.85. 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 earnings results 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 net margin of 7.42% and a return on equity of 7.50%. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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.