Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Bleakley Financial Group LLC

Bleakley Financial Group LLC raised its position in Freeport-McMoRan Inc. (NYSE:FCX) by 17.1% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 78,350 shares of the natural resource company’s stock after purchasing an additional 11,441 shares during the period. Bleakley Financial Group LLC’s holdings in Freeport-McMoRan were worth $2,984,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Trilogy Capital Inc. lifted its stake in shares of Freeport-McMoRan by 1.3% in the fourth quarter. Trilogy Capital Inc. now owns 195,270 shares of the natural resource company’s stock worth $7,436,000 after buying an additional 2,504 shares in the last quarter. Hager Investment Management Services LLC acquired a new stake in Freeport-McMoRan in the 4th quarter valued at about $747,000. Stratos Wealth Partners LTD. lifted its stake in Freeport-McMoRan by 5.2% in the 4th quarter. Stratos Wealth Partners LTD. now owns 40,195 shares of the natural resource company’s stock worth $1,531,000 after purchasing an additional 2,001 shares in the last quarter. Guidance Capital Inc. boosted its holdings in shares of Freeport-McMoRan by 142.4% during the 4th quarter. Guidance Capital Inc. now owns 39,154 shares of the natural resource company’s stock worth $1,480,000 after purchasing an additional 23,004 shares during the last quarter. Finally, Avitas Wealth Management LLC grew its position in shares of Freeport-McMoRan by 435.0% in the fourth quarter. Avitas Wealth Management LLC now owns 27,991 shares of the natural resource company’s stock valued at $1,066,000 after purchasing an additional 22,759 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

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

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $37.15 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The stock has a market capitalization 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. The business has a 50-day moving average of $39.48 and a 200 day moving average of $43.13. Freeport-McMoRan Inc. has a 12 month low of $34.89 and a 12 month high of $55.24.

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 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%. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.75 earnings per share for the current 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.