Argyle Capital Management LLC raised its position in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 13.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,566 shares of the natural resource company’s stock after acquiring an additional 3,366 shares during the quarter. Argyle Capital Management LLC’s holdings in Freeport-McMoRan were worth $1,050,000 as of its most recent SEC filing.
Several other institutional investors and 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 during the 4th quarter worth $25,000. Laurel Wealth Advisors LLC raised its stake 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 buying an additional 600 shares in the last quarter. Roxbury Financial LLC purchased a new stake in Freeport-McMoRan during the 4th quarter worth about $28,000. Continuum Advisory LLC lifted its holdings in Freeport-McMoRan by 46.8% during the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after buying an additional 236 shares during the last quarter. Finally, FSA Wealth Management LLC acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth about $46,000. Institutional investors and hedge funds own 80.77% of the company’s stock.
Freeport-McMoRan Price Performance
Shares of FCX opened at $37.35 on Friday. 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 fifty-two week low of $34.89 and a fifty-two week high of $55.24. The firm has a 50-day simple moving average of $38.35 and a 200-day simple moving average of $42.62. The company has a market capitalization of $53.67 billion, a price-to-earnings ratio of 28.95, a price-to-earnings-growth ratio of 0.87 and a beta of 1.85.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on FCX. JPMorgan Chase & Co. cut their target price 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. 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 report on Friday, January 24th. Jefferies Financial Group upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their target price for the company from $40.00 to $48.00 in a report on Thursday. BMO Capital Markets cut their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Finally, Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Eight investment 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 MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $52.04.
View Our Latest Stock Analysis on FCX
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.
Recommended Stories
- Five stocks we like better than Freeport-McMoRan
- How to Use High Beta Stocks to Maximize Your Investing Profits
- Volatility Is Back: 3 Stocks To Cushion the S&P 500’s Swings
- Should You Invest in Penny Stocks?
- 2 Catalysts That Could Push NVIDIA Stock Up 30% This Year
- Manufacturing Stocks Investing
- Do GM Stock Buybacks Make the Stock Buyable For Investors?
Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX – Free Report).
Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.