HBK Sorce Advisory LLC Boosts Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

HBK Sorce Advisory LLC increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 7.7% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,902 shares of the natural resource company’s stock after purchasing an additional 784 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Freeport-McMoRan were worth $415,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the company. Prospera Private Wealth LLC increased its position in shares of Freeport-McMoRan by 4.4% during the third quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock worth $277,000 after purchasing an additional 234 shares in the last quarter. Continuum Advisory LLC increased its position in shares of Freeport-McMoRan by 46.8% during the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 236 shares in the last quarter. Intellectus Partners LLC increased its position in shares of Freeport-McMoRan by 0.4% during the third quarter. Intellectus Partners LLC now owns 71,758 shares of the natural resource company’s stock worth $3,582,000 after purchasing an additional 256 shares in the last quarter. PFG Investments LLC increased its position in shares of Freeport-McMoRan by 1.3% during the fourth quarter. PFG Investments LLC now owns 22,910 shares of the natural resource company’s stock worth $872,000 after purchasing an additional 283 shares in the last quarter. Finally, Larson Financial Group LLC increased its position in shares of Freeport-McMoRan by 14.6% during the third quarter. Larson Financial Group LLC now owns 2,252 shares of the natural resource company’s stock worth $112,000 after purchasing an additional 287 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

FCX stock opened at $38.91 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. 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 business’s 50-day moving average is $37.91 and its two-hundred day moving average is $42.15. Freeport-McMoRan Inc. has a 1 year low of $33.98 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted 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 net margin of 7.42% and a return on equity of 7.50%. Analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FCX. BMO Capital Markets lowered their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Scotiabank lowered their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Friday, January 24th. JPMorgan Chase & Co. lowered their price objective 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. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Wednesday. Finally, Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

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.