Schechter Investment Advisors LLC Acquires 717 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Schechter Investment Advisors LLC boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 5.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,206 shares of the natural resource company’s stock after purchasing an additional 717 shares during the period. Schechter Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $541,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Asset Planning Inc purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth about $25,000. Laurel Wealth Advisors LLC raised its position in shares of Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 600 shares in the last quarter. Roxbury Financial LLC purchased a new position in Freeport-McMoRan during the fourth quarter valued at $28,000. Kohmann Bosshard Financial Services LLC purchased a new position in Freeport-McMoRan during the 4th quarter valued at about $29,000. Finally, Financial Life Planners bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $36,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on FCX shares. Scotiabank cut their price objective on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Friday, January 24th. BMO Capital Markets reduced their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. 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 report on Thursday, January 16th. Finally, Jefferies Financial Group raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their target price for the stock from $40.00 to $48.00 in a report on Thursday, February 27th. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.04.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $34.93 on Wednesday. The firm’s fifty day moving average is $38.23 and its 200 day moving average is $42.54. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The company has a market cap of $50.20 billion, a price-to-earnings ratio of 27.08, a PEG ratio of 0.87 and a beta of 1.85. Freeport-McMoRan Inc. has a 52-week low of $34.26 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released 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%. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal 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.