Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Inspire Investing LLC

Inspire Investing LLC raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 7.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 135,853 shares of the natural resource company’s stock after purchasing an additional 9,824 shares during the quarter. Freeport-McMoRan accounts for about 0.6% of Inspire Investing LLC’s holdings, making the stock its 29th biggest position. Inspire Investing LLC’s holdings in Freeport-McMoRan were worth $5,173,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Matrix Trust Co purchased a new stake in shares of Freeport-McMoRan in the third quarter valued at approximately $25,000. University of Texas Texas AM Investment Management Co. purchased a new position in Freeport-McMoRan in the second quarter worth $27,000. Laurel Wealth Advisors LLC lifted its holdings in Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 600 shares during the period. Godsey & Gibb Inc. boosted its position in shares of Freeport-McMoRan by 150.4% during the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 346 shares in the last quarter. Finally, Continuum Advisory LLC grew its stake in shares of Freeport-McMoRan by 46.8% during the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 236 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on FCX shares. Scotiabank reduced their price objective on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research note on Monday, January 6th. Jefferies Financial Group dropped their target price on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a report on Monday, January 6th. JPMorgan Chase & Co. decreased their price target 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. Raymond James upped their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Sanford C. Bernstein cut 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 report on Tuesday, January 7th. Seven 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $52.42.

Freeport-McMoRan Stock Down 3.1 %

FCX opened at $39.07 on Thursday. The business’s fifty day simple moving average is $41.01 and its 200 day simple moving average is $44.08. Freeport-McMoRan Inc. has a 52 week low of $36.26 and a 52 week high of $55.24. The firm has a market cap of $56.14 billion, a P/E ratio of 28.52, a PEG ratio of 2.44 and a beta of 1.87. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The company had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.39 EPS. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.43 EPS for the current fiscal 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.