Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Greenwich Wealth Management LLC

Greenwich Wealth Management LLC raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 0.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 162,174 shares of the natural resource company’s stock after purchasing an additional 329 shares during the quarter. Greenwich Wealth Management LLC’s holdings in Freeport-McMoRan were worth $6,176,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Pinnacle Financial Partners Inc acquired a new position in Freeport-McMoRan in the third quarter valued at $201,000. KBC Group NV increased its stake in Freeport-McMoRan by 351.6% in the third quarter. KBC Group NV now owns 475,754 shares of the natural resource company’s stock valued at $23,749,000 after purchasing an additional 370,401 shares during the last quarter. Zions Bancorporation N.A. increased its stake in Freeport-McMoRan by 19.9% in the third quarter. Zions Bancorporation N.A. now owns 5,726 shares of the natural resource company’s stock valued at $286,000 after purchasing an additional 951 shares during the last quarter. CIBC Asset Management Inc increased its stake in Freeport-McMoRan by 7.7% in the third quarter. CIBC Asset Management Inc now owns 216,070 shares of the natural resource company’s stock valued at $10,786,000 after purchasing an additional 15,521 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in Freeport-McMoRan by 240.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 80,000 shares of the natural resource company’s stock valued at $3,994,000 after purchasing an additional 56,475 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FCX. Jefferies Financial Group upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their target price for the company from $40.00 to $48.00 in a research note on Thursday, February 27th. Scotiabank dropped their price target on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research note on Friday, January 24th. JPMorgan Chase & Co. dropped their price target on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. BMO Capital Markets dropped 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. Finally, Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

Freeport-McMoRan Trading Up 3.5 %

Shares of FCX opened at $38.91 on Friday. The company has a market capitalization of $55.91 billion, a P/E ratio of 30.16, a P/E/G ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a one year low of $33.98 and a one year 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 50-day moving average price of $37.93 and a 200 day moving average price of $42.09.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 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%. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS 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.