Stonegate Investment Group LLC Increases Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Stonegate Investment Group LLC lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 6.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,480 shares of the natural resource company’s stock after acquiring an additional 2,055 shares during the period. Stonegate Investment Group LLC’s holdings in Freeport-McMoRan were worth $1,237,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tamar Securities LLC lifted its stake in shares of Freeport-McMoRan by 12.3% in the 4th quarter. Tamar Securities LLC now owns 411,292 shares of the natural resource company’s stock valued at $15,662,000 after purchasing an additional 45,113 shares during the last quarter. Jeppson Wealth Management LLC increased its position in Freeport-McMoRan by 9.5% during the fourth quarter. Jeppson Wealth Management LLC now owns 42,194 shares of the natural resource company’s stock valued at $1,607,000 after acquiring an additional 3,663 shares during the last quarter. Lebenthal Global Advisors LLC raised its stake in shares of Freeport-McMoRan by 91.0% in the fourth quarter. Lebenthal Global Advisors LLC now owns 14,215 shares of the natural resource company’s stock valued at $541,000 after acquiring an additional 6,773 shares during the period. Foundations Investment Advisors LLC lifted its holdings in shares of Freeport-McMoRan by 20.4% in the 4th quarter. Foundations Investment Advisors LLC now owns 201,735 shares of the natural resource company’s stock worth $7,682,000 after acquiring an additional 34,228 shares during the last quarter. Finally, Parsons Capital Management Inc. RI boosted its stake in shares of Freeport-McMoRan by 42.6% during the 4th quarter. Parsons Capital Management Inc. RI now owns 66,936 shares of the natural resource company’s stock worth $2,549,000 after purchasing an additional 20,002 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FCX. Scotiabank reduced their price objective on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Friday. JPMorgan Chase & Co. decreased their price target on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Jefferies Financial Group cut Freeport-McMoRan from a “buy” rating to a “hold” rating and dropped their price objective for the company from $48.00 to $40.00 in a report on Friday. BMO Capital Markets reduced their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, 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 research note on Wednesday, October 23rd. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.46.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $36.67 on Tuesday. The firm has a market cap of $52.70 billion, a price-to-earnings ratio of 26.77, a PEG ratio of 2.39 and a beta of 1.87. Freeport-McMoRan Inc. has a 52-week low of $36.26 and a 52-week high of $55.24. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The company’s 50 day moving average is $40.67 and its 200 day moving average is $43.74.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.42 EPS 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.