Ashton Thomas Private Wealth LLC Increases Position in Freeport-McMoRan Inc. (NYSE:FCX)

Ashton Thomas Private Wealth LLC lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 339.9% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 83,670 shares of the natural resource company’s stock after buying an additional 64,651 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in Freeport-McMoRan were worth $3,186,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of FCX. Asset Planning Inc purchased a new position in Freeport-McMoRan during the fourth quarter worth approximately $25,000. Vision Financial Markets LLC acquired a new stake in shares of Freeport-McMoRan in the fourth quarter worth $27,000. Laurel Wealth Advisors LLC increased its position in shares of Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 600 shares in the last quarter. Roxbury Financial LLC acquired a new stake in shares of Freeport-McMoRan in the fourth quarter worth $28,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Freeport-McMoRan in the fourth quarter worth $29,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. 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 research report on Friday, January 24th. JPMorgan Chase & Co. dropped their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Jefferies Financial Group raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their price target for the company from $40.00 to $48.00 in a report on Thursday, February 27th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a report on Thursday. Seven investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $51.75.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $36.97 on Friday. The firm has a market cap of $53.13 billion, a P/E ratio of 28.66, a P/E/G ratio of 0.87 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. Freeport-McMoRan Inc. has a 1-year low of $34.26 and a 1-year high of $55.24. The firm has a fifty day moving average of $38.10 and a two-hundred day moving average of $42.42.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data 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 return on equity of 7.50% and a net margin of 7.42%. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

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.