Kestra Private Wealth Services LLC Has $2.35 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Kestra Private Wealth Services LLC raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 5.4% during the fourth quarter, HoldingsChannel reports. The firm owned 61,740 shares of the natural resource company’s stock after acquiring an additional 3,167 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Freeport-McMoRan were worth $2,351,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Sanctuary Advisors LLC increased its position in Freeport-McMoRan by 9.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock valued at $8,219,000 after acquiring an additional 14,501 shares during the period. Easterly Investment Partners LLC increased its stake in shares of Freeport-McMoRan by 137.5% in the third quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock valued at $7,375,000 after buying an additional 85,542 shares during the period. Summit Global Investments increased its stake in shares of Freeport-McMoRan by 1,559.3% in the third quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock valued at $3,819,000 after buying an additional 71,883 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Freeport-McMoRan in the third quarter worth approximately $754,000. Finally, AIA Group Ltd boosted its holdings in Freeport-McMoRan by 16.2% in the third quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock valued at $4,604,000 after acquiring an additional 12,887 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $37.62 on Wednesday. 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 firm’s 50-day simple moving average is $39.13 and its 200 day simple moving average is $42.95. The stock has a market cap of $54.05 billion, a price-to-earnings ratio of 29.16, a PEG ratio of 0.81 and a beta of 1.85. Freeport-McMoRan Inc. has a fifty-two week low of $34.89 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (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%. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.71 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Jefferies Financial Group downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and dropped their price target for the stock from $48.00 to $40.00 in a research report on Friday, January 24th. Raymond James boosted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Finally, Scotiabank lowered their target price on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, January 24th. Nine analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.46.

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.