Chicago Partners Investment Group LLC Buys 860 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Chicago Partners Investment Group LLC raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 16.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 5,948 shares of the natural resource company’s stock after buying an additional 860 shares during the quarter. Chicago Partners Investment Group LLC’s holdings in Freeport-McMoRan were worth $236,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the stock. Sanctuary Advisors LLC lifted its stake in Freeport-McMoRan by 9.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock valued at $8,219,000 after acquiring an additional 14,501 shares in the last quarter. Easterly Investment Partners LLC raised its holdings in shares of 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 valued at $7,375,000 after purchasing an additional 85,542 shares during the last quarter. Summit Global Investments lifted its position in shares of Freeport-McMoRan by 1,559.3% during the third quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock valued at $3,819,000 after purchasing an additional 71,883 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Freeport-McMoRan during the third quarter worth about $754,000. Finally, AIA Group Ltd grew its position in Freeport-McMoRan by 16.2% in 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. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on FCX. JPMorgan Chase & Co. cut their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Jefferies Financial Group cut Freeport-McMoRan from a “buy” rating to a “hold” rating and cut their price objective for the stock from $48.00 to $40.00 in a research report on Friday, January 24th. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Argus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Finally, Raymond James raised their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Nine research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $51.46.

Freeport-McMoRan Stock Up 0.6 %

Freeport-McMoRan stock opened at $36.69 on Thursday. The firm has a 50 day simple moving average of $39.61 and a 200 day simple moving average of $43.17. 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 Inc. has a 1-year low of $34.89 and a 1-year high of $55.24. The firm has a market capitalization of $52.71 billion, a price-to-earnings ratio of 28.44, a P/E/G ratio of 0.85 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results 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%. On average, analysts predict that Freeport-McMoRan Inc. will post 1.75 earnings per share for the current year.

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.