Naviter Wealth LLC Increases Position in Freeport-McMoRan Inc. (NYSE:FCX)

Naviter Wealth LLC grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 114.6% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 9,174 shares of the natural resource company’s stock after acquiring an additional 4,900 shares during the quarter. Naviter Wealth LLC’s holdings in Freeport-McMoRan were worth $349,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Asset Planning Inc purchased a new position in Freeport-McMoRan during the fourth quarter worth about $25,000. Vision Financial Markets LLC purchased a new position in Freeport-McMoRan during the fourth quarter worth about $27,000. Laurel Wealth Advisors LLC raised its holdings in Freeport-McMoRan by 487.8% during the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 600 shares in the last quarter. Roxbury Financial LLC purchased a new position in Freeport-McMoRan during the fourth quarter worth about $28,000. Finally, Continuum Advisory LLC raised its holdings in Freeport-McMoRan by 46.8% during the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 236 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Down 1.9 %

FCX stock opened at $36.97 on Friday. The company’s 50 day simple moving average is $38.06 and its 200-day simple moving average is $42.36. The firm has a market capitalization of $53.13 billion, a PE ratio of 28.66, a P/E/G ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a 12 month low of $34.26 and a 12 month high of $55.24. 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 (NYSE:FCX) last released its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. Equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FCX. Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. JPMorgan Chase & Co. lowered their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Scotiabank lowered their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Friday, January 24th. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Finally, BMO Capital Markets lowered their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Seven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus target price of $51.75.

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.