Diversify Wealth Management LLC Has $641,000 Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Diversify Wealth Management LLC increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 13.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 16,434 shares of the natural resource company’s stock after acquiring an additional 1,957 shares during the period. Diversify Wealth Management LLC’s holdings in Freeport-McMoRan were worth $641,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Fisher Asset Management LLC increased its holdings in shares of Freeport-McMoRan by 2.4% during the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after acquiring an additional 1,392,494 shares during the last quarter. Geode Capital Management LLC grew its holdings in Freeport-McMoRan by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock valued at $1,436,455,000 after buying an additional 529,099 shares during the last quarter. Franklin Resources Inc. grew its holdings in Freeport-McMoRan by 9.5% in the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock valued at $1,348,522,000 after buying an additional 2,366,187 shares during the last quarter. Mountaineer Partners Management LLC grew its holdings in Freeport-McMoRan by 4,767.8% in the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock valued at $595,702,000 after buying an additional 11,687,982 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in Freeport-McMoRan by 0.5% in the 2nd quarter. Legal & General Group Plc now owns 10,343,109 shares of the natural resource company’s stock valued at $502,675,000 after buying an additional 56,499 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $40.32 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The company has a market capitalization of $57.93 billion, a PE ratio of 29.43, a price-to-earnings-growth ratio of 2.21 and a beta of 1.87. Freeport-McMoRan Inc. has a one year low of $36.26 and a one year high of $55.24. The business has a 50 day simple moving average of $41.09 and a 200 day simple moving average of $44.12.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. Freeport-McMoRan’s revenue was up 16.6% on a year-over-year basis. During the same quarter last year, the company earned $0.39 EPS. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.47 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have issued reports on FCX shares. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Jefferies Financial Group lowered their target price on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Scotiabank lowered their target price on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a report on Monday, January 6th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, JPMorgan Chase & Co. reduced their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $52.42.

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.