IFP Advisors Inc Acquires 42,075 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

IFP Advisors Inc grew its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 145.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,014 shares of the natural resource company's stock after acquiring an additional 42,075 shares during the period. IFP Advisors Inc's holdings in Freeport-McMoRan were worth $2,704,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of FCX. Sanctuary Advisors LLC increased its position in Freeport-McMoRan by 9.7% during the third quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company's stock worth $8,219,000 after buying an additional 14,501 shares during the last quarter. Easterly Investment Partners LLC boosted its stake in shares of Freeport-McMoRan by 137.5% during the 3rd quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company's stock worth $7,375,000 after acquiring an additional 85,542 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of Freeport-McMoRan during the 3rd quarter worth approximately $754,000. Summit Global Investments boosted its stake in shares of Freeport-McMoRan by 1,559.3% during the 3rd quarter. Summit Global Investments now owns 76,493 shares of the natural resource company's stock worth $3,819,000 after acquiring an additional 71,883 shares during the period. Finally, AIA Group Ltd boosted its stake in shares of Freeport-McMoRan by 16.2% during the 3rd quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company's stock worth $4,604,000 after acquiring an additional 12,887 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FCX has been the subject of several research analyst reports. Scotiabank reduced their target price on Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating for the company in a research note on Friday, January 24th. 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 research note on Thursday. Sanford C. Bernstein downgraded Freeport-McMoRan from an "outperform" rating to a "market perform" rating and reduced their target price for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Argus downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, January 31st. Finally, BMO Capital Markets dropped 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. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Freeport-McMoRan has an average rating of "Moderate Buy" and an average price target of $52.04.

Freeport-McMoRan Price Performance

NYSE FCX traded down $0.51 during midday trading on Friday, hitting $36.92. The company had a trading volume of 14,776,973 shares, compared to its average volume of 14,538,130. The company has a market capitalization of $53.05 billion, a PE ratio of 28.62, a P/E/G ratio of 0.87 and a beta of 1.85. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average price of $38.31 and a 200-day moving average price of $42.59. Freeport-McMoRan Inc. has a twelve month low of $34.89 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing the consensus estimate 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, analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share 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.