Spire Wealth Management Invests $423,000 in Freeport-McMoRan Inc. (NYSE:FCX)

Spire Wealth Management purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 11,120 shares of the natural resource company’s stock, valued at approximately $423,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Czech National Bank raised its holdings in shares of Freeport-McMoRan by 6.9% in the third quarter. Czech National Bank now owns 292,703 shares of the natural resource company’s stock worth $14,612,000 after buying an additional 18,967 shares during the period. Atomi Financial Group Inc. increased its stake in Freeport-McMoRan by 15.7% in the third quarter. Atomi Financial Group Inc. now owns 14,357 shares of the natural resource company’s stock worth $717,000 after purchasing an additional 1,952 shares during the period. Reliant Investment Management LLC increased its stake in Freeport-McMoRan by 7.0% in the third quarter. Reliant Investment Management LLC now owns 81,477 shares of the natural resource company’s stock worth $4,067,000 after purchasing an additional 5,324 shares during the period. Brookstone Capital Management boosted its stake in shares of Freeport-McMoRan by 53.8% during the third quarter. Brookstone Capital Management now owns 13,044 shares of the natural resource company’s stock valued at $651,000 after purchasing an additional 4,565 shares during the period. Finally, Cape ANN Savings Bank boosted its stake in shares of Freeport-McMoRan by 1.9% during the third quarter. Cape ANN Savings Bank now owns 14,895 shares of the natural resource company’s stock valued at $744,000 after purchasing an additional 271 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $36.69 on Thursday. The company has a market capitalization of $52.71 billion, a PE ratio of 28.44, a P/E/G ratio of 0.85 and a beta of 1.85. The company has a 50-day simple moving average of $39.61 and a two-hundred day simple moving average of $43.17. Freeport-McMoRan Inc. has a one year low of $34.89 and a one year 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.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Research analysts expect that Freeport-McMoRan Inc. will post 1.75 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FCX. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Raymond James lifted their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Jefferies Financial Group cut Freeport-McMoRan from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $48.00 to $40.00 in a research note on Friday, January 24th. Scotiabank decreased their target price on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research report on Friday, January 24th. Finally, BMO Capital Markets dropped their price target on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Nine investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $51.46.

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.