AE Wealth Management LLC Purchases 3,353 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

AE Wealth Management LLC lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 17.9% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 22,093 shares of the natural resource company’s stock after acquiring an additional 3,353 shares during the period. AE Wealth Management LLC’s holdings in Freeport-McMoRan were worth $1,074,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. King Luther Capital Management Corp raised its stake in shares of Freeport-McMoRan by 13.0% in the second quarter. King Luther Capital Management Corp now owns 19,980 shares of the natural resource company’s stock worth $971,000 after purchasing an additional 2,300 shares during the last quarter. ASB Consultores LLC lifted its holdings in Freeport-McMoRan by 9.7% in the second quarter. ASB Consultores LLC now owns 7,086 shares of the natural resource company’s stock valued at $344,000 after acquiring an additional 626 shares during the period. Hollencrest Capital Management boosted its position in Freeport-McMoRan by 0.9% in the second quarter. Hollencrest Capital Management now owns 45,283 shares of the natural resource company’s stock worth $2,201,000 after purchasing an additional 400 shares during the last quarter. Bridges Investment Management Inc. bought a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at about $292,000. Finally, Benjamin F. Edwards & Company Inc. increased its position in shares of Freeport-McMoRan by 14.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 42,665 shares of the natural resource company’s stock valued at $2,074,000 after purchasing an additional 5,316 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Scotiabank cut their target price on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research report on Monday, August 19th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their target price for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Finally, BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Four investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $52.93.

Freeport-McMoRan Stock Up 8.0 %

NYSE FCX opened at $48.73 on Wednesday. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The stock has a market cap of $70.00 billion, a PE ratio of 43.12, a P/E/G ratio of 1.94 and a beta of 1.89. The stock’s 50 day moving average is $43.42 and its 200 day moving average is $47.33.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.07. The firm had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.35 earnings per share. Research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS 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.