Allworth Financial LP Has $487,000 Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Allworth Financial LP increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 70.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 12,469 shares of the natural resource company’s stock after buying an additional 5,133 shares during the quarter. Allworth Financial LP’s holdings in Freeport-McMoRan were worth $487,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Asset Planning Inc purchased a new stake in Freeport-McMoRan in the 4th quarter worth approximately $25,000. Laurel Wealth Advisors LLC increased its stake in shares of Freeport-McMoRan by 487.8% in the fourth 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 during the last quarter. Roxbury Financial LLC purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth $28,000. Financial Life Planners acquired a new stake in Freeport-McMoRan during the fourth quarter valued at $36,000. Finally, Continuum Advisory LLC grew its stake in 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 purchasing an additional 236 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

NYSE FCX opened at $38.95 on Friday. The stock has a 50-day simple moving average of $38.62 and a 200 day simple moving average of $42.74. Freeport-McMoRan Inc. has a twelve month low of $34.89 and a twelve month high of $55.24. The stock has a market capitalization of $55.97 billion, a PE ratio of 30.20, a P/E/G ratio of 0.88 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 (NYSE:FCX) last issued its quarterly 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 return on equity of 7.50% and a net margin of 7.42%. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on FCX shares. JPMorgan Chase & Co. cut their price target 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. BMO Capital Markets cut their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Jefferies Financial Group lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and dropped their price target for the stock from $48.00 to $40.00 in a research note on Friday, January 24th. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Finally, Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Nine 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 stock. Based on data from MarketBeat.com, Freeport-McMoRan currently 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.