Apollon Wealth Management LLC Boosts Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Apollon Wealth Management LLC lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 5.5% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 39,486 shares of the natural resource company’s stock after buying an additional 2,055 shares during the period. Apollon Wealth Management LLC’s holdings in Freeport-McMoRan were worth $1,504,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of FCX. Sanctuary Advisors LLC boosted its position in Freeport-McMoRan by 9.7% in the third quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock worth $8,219,000 after purchasing an additional 14,501 shares during the last quarter. Easterly Investment Partners LLC boosted its holdings in shares of Freeport-McMoRan by 137.5% in the 3rd quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock worth $7,375,000 after buying an additional 85,542 shares during the last quarter. Summit Global Investments grew its position in 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 buying an additional 71,883 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in Freeport-McMoRan during the third quarter worth about $754,000. Finally, AIA Group Ltd raised its position in Freeport-McMoRan by 16.2% in the third quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock worth $4,604,000 after acquiring an additional 12,887 shares during the period. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Up 0.6 %

FCX opened at $38.47 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. Freeport-McMoRan Inc. has a one year low of $34.89 and a one year high of $55.24. The firm has a market capitalization of $55.27 billion, a P/E ratio of 29.82, a price-to-earnings-growth ratio of 0.81 and a beta of 1.85. The company has a fifty day moving average price of $39.25 and a 200-day moving average price of $43.01.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share 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%. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.71 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FCX. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Jefferies Financial Group lowered Freeport-McMoRan from a “buy” rating to a “hold” rating and lowered their target price for the company from $48.00 to $40.00 in a research note on Friday, January 24th. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Raymond James boosted their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Scotiabank cut their target price on shares of 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. Nine research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan currently 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.