Potentia Wealth Makes New Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Potentia Wealth acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 16,811 shares of the natural resource company’s stock, valued at approximately $640,000.

A number of other large investors have also modified their holdings of FCX. Signature Estate & Investment Advisors LLC grew its position in shares of Freeport-McMoRan by 9.8% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 463,394 shares of the natural resource company’s stock worth $17,646,000 after acquiring an additional 41,172 shares during the last quarter. Zions Bancorporation N.A. grew its stake in shares of Freeport-McMoRan by 13.3% during the 4th quarter. Zions Bancorporation N.A. now owns 6,488 shares of the natural resource company’s stock worth $247,000 after purchasing an additional 762 shares during the period. Princeton Capital Management LLC increased its holdings in Freeport-McMoRan by 2.6% in the fourth quarter. Princeton Capital Management LLC now owns 25,705 shares of the natural resource company’s stock valued at $979,000 after buying an additional 660 shares in the last quarter. Syntax Research Inc. raised its holdings in Freeport-McMoRan by 15.2% during the fourth quarter. Syntax Research Inc. now owns 80,787 shares of the natural resource company’s stock worth $3,076,000 after purchasing an additional 10,650 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in Freeport-McMoRan by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company’s stock valued at $4,692,191,000 after acquiring an additional 642,776 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of analyst reports. BMO Capital Markets decreased their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their target price for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, March 20th. Finally, Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a report on Thursday, March 6th. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.04.

Freeport-McMoRan Stock Up 3.5 %

FCX stock opened at $41.66 on Tuesday. The firm has a market capitalization of $59.87 billion, a PE ratio of 32.30, a PEG ratio of 0.87 and a beta of 1.87. The business’s 50 day simple moving average is $38.08 and its 200 day simple moving average is $41.97. Freeport-McMoRan Inc. has a 1-year low of $33.98 and a 1-year high of $55.24. The company has a current ratio of 2.42, a quick ratio of 1.18 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 for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current 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.