Proficio Capital Partners LLC Acquires 186,554 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Proficio Capital Partners LLC raised its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 360.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 238,311 shares of the natural resource company’s stock after purchasing an additional 186,554 shares during the quarter. Proficio Capital Partners LLC’s holdings in Freeport-McMoRan were worth $9,075,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Asset Planning Inc acquired a new stake in Freeport-McMoRan in the 4th quarter valued at $25,000. Laurel Wealth Advisors LLC boosted 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 in the last quarter. Roxbury Financial LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth about $28,000. Financial Life Planners acquired a new stake in shares of Freeport-McMoRan during the 4th quarter worth about $36,000. Finally, Continuum Advisory LLC lifted 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 valued at $37,000 after purchasing an additional 236 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $36.92 on Monday. Freeport-McMoRan Inc. has a 52 week low of $34.89 and a 52 week high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The stock has a market capitalization of $53.05 billion, a price-to-earnings ratio of 28.62, a PEG ratio of 0.87 and a beta of 1.85. The firm has a fifty day moving average of $38.31 and a two-hundred day moving average of $42.60.

Freeport-McMoRan (NYSE:FCX) last released its 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 net margin of 7.42% and a return on equity of 7.50%. As a group, equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Wall Street Analyst Weigh In

FCX has been the subject of several recent analyst reports. BMO Capital Markets dropped their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Scotiabank cut their price objective 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. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. JPMorgan Chase & Co. reduced their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Finally, Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $52.04.

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.