Ameliora Wealth Management Ltd. Takes Position in Freeport-McMoRan Inc. (NYSE:FCX)

Ameliora Wealth Management Ltd. bought a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,200 shares of the natural resource company’s stock, valued at approximately $46,000.

Several other institutional investors have also recently made changes to their positions in the company. Fisher Asset Management LLC raised its position in Freeport-McMoRan by 2.4% during the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after acquiring an additional 1,392,494 shares during the period. Geode Capital Management LLC raised its position in Freeport-McMoRan by 1.9% during the third quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock worth $1,436,455,000 after acquiring an additional 529,099 shares during the period. Franklin Resources Inc. raised its position in Freeport-McMoRan by 9.5% during the third quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock worth $1,348,522,000 after acquiring an additional 2,366,187 shares during the period. Mountaineer Partners Management LLC raised its position in Freeport-McMoRan by 4,767.8% during the third quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock worth $595,702,000 after acquiring an additional 11,687,982 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Freeport-McMoRan by 1.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 8,223,038 shares of the natural resource company’s stock worth $410,494,000 after acquiring an additional 127,251 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Up 1.3 %

FCX opened at $37.15 on Friday. The firm has a market cap of $53.38 billion, a price-to-earnings ratio of 28.80, a price-to-earnings-growth ratio of 0.85 and a beta of 1.85. Freeport-McMoRan Inc. has a 52 week low of $34.89 and a 52 week high of $55.24. The business’s 50 day moving average is $39.48 and its two-hundred day moving average is $43.13. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share 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%. On average, research analysts predict that Freeport-McMoRan Inc. will post 1.75 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on FCX. Raymond James upped their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. BMO Capital Markets lowered their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Jefferies Financial Group downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and cut their price objective for the company from $48.00 to $40.00 in a report on Friday, January 24th. JPMorgan Chase & Co. lowered their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Finally, Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Nine research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.46.

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.