Freeport-McMoRan Inc. (NYSE:FCX) Stock Position Increased by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 1.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 299,677 shares of the natural resource company’s stock after purchasing an additional 4,571 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Freeport-McMoRan were worth $11,412,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Asset Planning Inc bought a new stake in shares of Freeport-McMoRan during the 4th quarter worth about $25,000. Vision Financial Markets LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter worth about $27,000. Laurel Wealth Advisors LLC raised its position in shares of Freeport-McMoRan by 487.8% during the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after buying an additional 600 shares in the last quarter. Roxbury Financial LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter worth about $28,000. Finally, Continuum Advisory LLC raised its position in shares of Freeport-McMoRan by 46.8% during the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after buying an additional 236 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $39.82 on Wednesday. The firm’s 50 day simple moving average is $37.97 and its 200-day simple moving average is $42.01. The company has a market cap of $57.23 billion, a P/E ratio of 30.87, a price-to-earnings-growth 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 fifty-two week low of $33.98 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its earnings results 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, equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research report on Thursday, March 6th. Dbs Bank raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. BMO Capital Markets lowered their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Jefferies Financial Group raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $40.00 to $48.00 in a research note on Thursday, February 27th. Finally, StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $51.75.

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.