Avantax Advisory Services Inc. Sells 9,454 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Avantax Advisory Services Inc. lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 11.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 73,121 shares of the natural resource company’s stock after selling 9,454 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Freeport-McMoRan were worth $2,784,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Great Lakes Advisors LLC grew its holdings in Freeport-McMoRan by 2.3% during the 4th quarter. Great Lakes Advisors LLC now owns 1,507,698 shares of the natural resource company’s stock valued at $57,413,000 after buying an additional 33,993 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in Freeport-McMoRan by 4.0% during the 4th quarter. Farther Finance Advisors LLC now owns 25,556 shares of the natural resource company’s stock valued at $973,000 after buying an additional 975 shares in the last quarter. Gables Capital Management Inc. grew its holdings in Freeport-McMoRan by 2.2% during the 4th quarter. Gables Capital Management Inc. now owns 18,301 shares of the natural resource company’s stock valued at $697,000 after buying an additional 400 shares in the last quarter. Inspire Advisors LLC grew its holdings in Freeport-McMoRan by 2.6% during the 4th quarter. Inspire Advisors LLC now owns 12,965 shares of the natural resource company’s stock valued at $494,000 after buying an additional 325 shares in the last quarter. Finally, Sage Mountain Advisors LLC grew its holdings in Freeport-McMoRan by 10.0% during the 4th quarter. Sage Mountain Advisors LLC now owns 9,422 shares of the natural resource company’s stock valued at $359,000 after buying an additional 856 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $38.91 on Friday. Freeport-McMoRan Inc. has a 52-week low of $33.98 and a 52-week high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The firm has a market capitalization of $55.91 billion, a P/E ratio of 30.16, a P/E/G ratio of 0.87 and a beta of 1.87. The stock has a 50 day moving average price of $37.93 and a 200 day moving average price of $42.09.

Freeport-McMoRan (NYSE:FCX) last issued its 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, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Wall Street Analyst Weigh In

FCX has been the subject of several research analyst reports. BMO Capital Markets cut their price target on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. 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. Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Jefferies Financial Group upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their target price for the stock from $40.00 to $48.00 in a report on Thursday, February 27th. Finally, Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. 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 stock. According to MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $51.75.

Freeport-McMoRan Company 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.