Avitas Wealth Management LLC Buys 22,759 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Avitas Wealth Management LLC raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 435.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 27,991 shares of the natural resource company’s stock after purchasing an additional 22,759 shares during the period. Avitas Wealth Management LLC’s holdings in Freeport-McMoRan were worth $1,066,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Koshinski Asset Management Inc. increased its holdings in Freeport-McMoRan by 1.0% in the 3rd quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock worth $1,037,000 after acquiring an additional 214 shares during the last quarter. Trust Co. of Vermont raised its position in shares of Freeport-McMoRan by 5.2% in the third quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock valued at $228,000 after purchasing an additional 228 shares during the period. Fidelis Capital Partners LLC lifted its stake in shares of Freeport-McMoRan by 2.0% during the 3rd quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock valued at $560,000 after buying an additional 231 shares in the last quarter. Prospera Private Wealth LLC boosted its holdings in Freeport-McMoRan by 4.4% in the 3rd quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock worth $277,000 after buying an additional 234 shares during the period. Finally, Continuum Advisory LLC grew its stake in Freeport-McMoRan by 46.8% in the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after buying an additional 236 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. JPMorgan Chase & Co. cut their price target on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Raymond James upped their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. BMO Capital Markets cut 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. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Finally, Argus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Nine equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $51.46.

Freeport-McMoRan Stock Up 1.8 %

FCX opened at $36.49 on Wednesday. The business’s fifty day simple moving average is $39.75 and its 200 day simple moving average is $43.21. Freeport-McMoRan Inc. has a 52 week low of $34.89 and a 52 week high of $55.24. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The stock has a market cap of $52.43 billion, a PE ratio of 28.29, a P/E/G ratio of 0.85 and a beta of 1.85.

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, research analysts expect that Freeport-McMoRan Inc. will post 1.75 earnings per share for the current fiscal year.

Freeport-McMoRan 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.