Ameliora Wealth Management Ltd. Makes New $46,000 Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Ameliora Wealth Management Ltd. purchased a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,200 shares of the natural resource company’s stock, valued at approximately $46,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Freeport-McMoRan by 5.4% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 159,536 shares of the natural resource company’s stock valued at $6,075,000 after purchasing an additional 8,195 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in Freeport-McMoRan by 0.7% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,297,136 shares of the natural resource company’s stock worth $125,555,000 after acquiring an additional 24,056 shares during the last quarter. Strategic Financial Concepts LLC acquired a new stake in Freeport-McMoRan during the fourth quarter worth about $2,102,000. Leo Wealth LLC increased its stake in Freeport-McMoRan by 4.5% during the fourth quarter. Leo Wealth LLC now owns 14,399 shares of the natural resource company’s stock worth $548,000 after acquiring an additional 616 shares during the last quarter. Finally, Hedeker Wealth LLC increased its stake in Freeport-McMoRan by 1.0% during the fourth quarter. Hedeker Wealth LLC now owns 67,341 shares of the natural resource company’s stock worth $2,564,000 after acquiring an additional 641 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FCX shares. Raymond James upped their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. reduced their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Scotiabank reduced their target price on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a report on Friday, January 24th. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Finally, Jefferies Financial Group downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating and reduced their target price for the stock from $48.00 to $40.00 in a report on Friday, January 24th. Nine research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.46.

Freeport-McMoRan Stock Up 1.3 %

FCX stock opened at $37.15 on Friday. The company has a 50 day moving average of $39.48 and a two-hundred day moving average of $43.13. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12-month low of $34.89 and a 12-month high of $55.24. The company has a market cap of $53.38 billion, a price-to-earnings ratio of 28.80, a PEG ratio of 0.85 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. On average, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.75 earnings per share for the current fiscal year.

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.