Advocate Group LLC Increases Position in Freeport-McMoRan Inc. (NYSE:FCX)

Advocate Group LLC lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 11.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 59,967 shares of the natural resource company’s stock after acquiring an additional 6,139 shares during the quarter. Advocate Group LLC’s holdings in Freeport-McMoRan were worth $2,284,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of FCX. Deane Retirement Strategies Inc. increased its holdings in shares of Freeport-McMoRan by 0.4% in the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock valued at $2,357,000 after buying an additional 201 shares in the last quarter. Koshinski Asset Management Inc. increased its holdings in shares of Freeport-McMoRan by 1.0% in the third quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock valued at $1,037,000 after buying an additional 214 shares in the last quarter. Trust Co. of Vermont increased its holdings in shares of Freeport-McMoRan by 5.2% in the third quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock valued at $228,000 after buying an additional 228 shares in the last quarter. Fidelis Capital Partners LLC increased its holdings in shares of Freeport-McMoRan by 2.0% in the third quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock valued at $560,000 after buying an additional 231 shares in the last quarter. Finally, Prospera Private Wealth LLC raised its stake in Freeport-McMoRan by 4.4% during the 3rd quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock valued at $277,000 after purchasing an additional 234 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 1.9 %

Shares of NYSE:FCX opened at $37.78 on Friday. The stock has a market capitalization of $54.29 billion, a PE ratio of 27.58, a P/E/G ratio of 2.39 and a beta of 1.87. Freeport-McMoRan Inc. has a 1 year low of $36.26 and a 1 year high of $55.24. The firm has a fifty day moving average price of $40.81 and a 200 day moving average price of $43.95. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last released 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 net margin of 7.81% and a return on equity of 7.40%. Analysts expect that Freeport-McMoRan Inc. will post 1.42 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FCX shares. JPMorgan Chase & Co. cut 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 note on Thursday, January 16th. Raymond James boosted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Jefferies Financial Group downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and dropped their price target for the stock from $48.00 to $40.00 in a research note on Friday. Scotiabank dropped their price target on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Friday. Finally, BMO Capital Markets dropped their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.46.

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.