MONECO Advisors LLC Grows Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

MONECO Advisors LLC boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 4.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 30,796 shares of the natural resource company’s stock after acquiring an additional 1,285 shares during the period. MONECO Advisors LLC’s holdings in Freeport-McMoRan were worth $1,173,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Asset Planning Inc purchased a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $25,000. Laurel Wealth Advisors LLC raised its position in Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 600 shares during the period. Roxbury Financial LLC acquired a new position in Freeport-McMoRan during the fourth quarter worth $28,000. Financial Life Planners purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth $36,000. Finally, Continuum Advisory LLC grew its stake in shares of Freeport-McMoRan by 46.8% in the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after buying an additional 236 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 $36.97 on Monday. The business has a 50 day moving average price of $38.53 and a 200 day moving average price of $42.75. 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 stock has a market cap of $53.13 billion, a price-to-earnings ratio of 28.66, a PEG ratio of 0.87 and a beta of 1.85. Freeport-McMoRan Inc. has a fifty-two week low of $34.89 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 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%. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on FCX shares. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Scotiabank reduced their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a report on Friday, January 24th. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. BMO Capital Markets decreased their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Finally, JPMorgan Chase & Co. lowered their target price on 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 analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.46.

About Freeport-McMoRan

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.