Peloton Wealth Strategists Purchases Shares of 30,075 Freeport-McMoRan Inc. (NYSE:FCX)

Peloton Wealth Strategists purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 30,075 shares of the natural resource company's stock, valued at approximately $1,145,000.

Several other large investors have also recently added to or reduced their stakes in FCX. Sanctuary Advisors LLC raised its stake in shares of Freeport-McMoRan by 9.7% during the 3rd 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 in the last quarter. Easterly Investment Partners LLC raised its position in Freeport-McMoRan by 137.5% in the third 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 in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Freeport-McMoRan in the third quarter worth $754,000. Summit Global Investments lifted its holdings in Freeport-McMoRan by 1,559.3% in the third quarter. Summit Global Investments now owns 76,493 shares of the natural resource company's stock valued at $3,819,000 after acquiring an additional 71,883 shares during the period. Finally, AIA Group Ltd boosted its position 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 purchasing an additional 12,887 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on FCX shares. JPMorgan Chase & Co. cut their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating for the company in a report on Thursday, January 16th. BMO Capital Markets dropped their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating for the company in a report on Friday, January 24th. Argus lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, January 31st. Sanford C. Bernstein cut Freeport-McMoRan from an "outperform" rating to a "market perform" rating and lowered their price target for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Finally, Scotiabank reduced their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating for the company in a report on Friday, January 24th. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $52.04.

Freeport-McMoRan Trading Down 3.8 %

Shares of NYSE FCX traded down $1.42 during midday trading on Monday, reaching $35.49. 17,674,095 shares of the stock were exchanged, compared to its average volume of 14,616,291. The stock has a 50 day moving average price of $38.31 and a 200-day moving average price of $42.60. 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 company has a market capitalization of $51.00 billion, a P/E ratio of 27.51, a P/E/G ratio of 0.87 and a beta of 1.85. Freeport-McMoRan Inc. has a 52-week low of $34.89 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

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.