Independent Advisor Alliance Grows Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Independent Advisor Alliance raised its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 34.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 19,424 shares of the natural resource company’s stock after buying an additional 5,006 shares during the period. Independent Advisor Alliance’s holdings in Freeport-McMoRan were worth $740,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Asset Planning Inc acquired a new position in shares of Freeport-McMoRan in the fourth quarter worth about $25,000. Vision Financial Markets LLC acquired a new position in shares of Freeport-McMoRan in the fourth quarter worth about $27,000. Laurel Wealth Advisors LLC raised its position in shares of Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 600 shares during the period. Roxbury Financial LLC acquired a new position in shares of Freeport-McMoRan in the fourth quarter worth about $28,000. Finally, Continuum Advisory LLC raised its position in shares of Freeport-McMoRan by 46.8% in the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 236 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on FCX shares. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Jefferies Financial Group upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their target price for the company from $40.00 to $48.00 in a research report on Thursday, February 27th. Finally, Dbs Bank raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $51.75.

Freeport-McMoRan Price Performance

FCX stock opened at $38.91 on Monday. The business has a 50 day simple moving average of $37.93 and a 200-day simple moving average of $42.07. The firm has a market capitalization of $55.91 billion, a PE ratio of 30.16, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87. 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 Inc. has a 1 year low of $33.98 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (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%. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

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.