Avidian Wealth Enterprises LLC Grows Position in Freeport-McMoRan Inc. (NYSE:FCX)

Avidian Wealth Enterprises LLC grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 7.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,453 shares of the natural resource company’s stock after acquiring an additional 389 shares during the quarter. Avidian Wealth Enterprises LLC’s holdings in Freeport-McMoRan were worth $208,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Trust Co. of Vermont lifted its holdings in Freeport-McMoRan by 5.2% in the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock valued at $228,000 after purchasing an additional 228 shares in the last quarter. Fidelis Capital Partners LLC lifted its stake in shares of Freeport-McMoRan by 2.0% during the third quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock valued at $560,000 after buying an additional 231 shares during the period. Prospera Private Wealth LLC boosted its position in 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 acquiring an additional 234 shares during the last quarter. Continuum Advisory LLC grew its stake in Freeport-McMoRan by 46.8% in the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 236 shares during the period. Finally, Harbor Capital Advisors Inc. raised its holdings in Freeport-McMoRan by 0.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 50,431 shares of the natural resource company’s stock valued at $2,518,000 after acquiring an additional 244 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $39.46 on Friday. The business’s 50-day simple moving average is $38.93 and its 200 day simple moving average is $42.87. The company has a market cap of $56.69 billion, a P/E ratio of 30.59, a PEG ratio of 0.81 and a beta of 1.85. 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 Inc. has a one year low of $34.89 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data 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%. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.71 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FCX. Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. BMO Capital Markets dropped their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Jefferies Financial Group downgraded shares of 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 report on Friday, January 24th. Scotiabank cut their price target on shares of 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. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Nine research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $51.46.

Freeport-McMoRan Company 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.