Daymark Wealth Partners LLC Raises Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Daymark Wealth Partners LLC boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 34.9% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 12,511 shares of the natural resource company’s stock after acquiring an additional 3,237 shares during the period. Daymark Wealth Partners LLC’s holdings in Freeport-McMoRan were worth $476,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Fisher Asset Management LLC boosted its holdings in Freeport-McMoRan by 2.4% in the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after buying an additional 1,392,494 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Freeport-McMoRan by 1.9% in the third quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock worth $1,436,455,000 after acquiring an additional 529,099 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Freeport-McMoRan by 9.5% during the third quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock worth $1,348,522,000 after purchasing an additional 2,366,187 shares in the last quarter. Mountaineer Partners Management LLC raised its stake 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 purchasing an additional 11,687,982 shares during the last quarter. Finally, Legal & General Group Plc lifted 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 purchasing an additional 56,499 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $38.49 on Friday. The company’s 50 day simple moving average is $40.91 and its 200-day simple moving average is $44.04. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. Freeport-McMoRan Inc. has a 1 year low of $36.26 and a 1 year high of $55.24. The company has a market capitalization of $55.31 billion, a price-to-earnings ratio of 28.10, a price-to-earnings-growth ratio of 2.44 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 1.43 earnings per share for the current year.

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.