Sharp Financial Services LLC Increases Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Sharp Financial Services LLC grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 14.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 7,000 shares of the natural resource company’s stock after buying an additional 900 shares during the period. Sharp Financial Services LLC’s holdings in Freeport-McMoRan were worth $267,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Matrix Trust Co purchased a new position in Freeport-McMoRan during the 3rd quarter worth $25,000. University of Texas Texas AM Investment Management Co. purchased a new position in Freeport-McMoRan during the 2nd quarter worth $27,000. Godsey & Gibb Inc. raised its position in Freeport-McMoRan by 150.4% during the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after buying an additional 346 shares during the last quarter. Laurel Wealth Advisors LLC raised its position in 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 during the last quarter. Finally, Continuum Advisory LLC raised its position in 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 during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $39.07 on Thursday. Freeport-McMoRan Inc. has a 12-month low of $36.26 and a 12-month high of $55.24. The stock has a market capitalization of $56.14 billion, a P/E ratio of 28.52, a P/E/G ratio of 2.44 and a beta of 1.87. The firm’s 50-day moving average is $41.01 and its two-hundred day moving average is $44.08. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same period last year, the company earned $0.39 EPS. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. Equities analysts predict that Freeport-McMoRan Inc. will post 1.43 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Raymond James increased their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Scotiabank cut their price target on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a report on Monday, January 6th. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price target for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. cut their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $52.42.

Freeport-McMoRan Company 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.