BayBridge Capital Group LLC Invests $580,000 in Freeport-McMoRan Inc. (NYSE:FCX)

BayBridge Capital Group LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 15,236 shares of the natural resource company’s stock, valued at approximately $580,000.

Other institutional investors have also recently bought and sold shares of the company. Godsey & Gibb Inc. boosted its holdings in shares of Freeport-McMoRan by 150.4% in the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after buying an additional 346 shares during the period. Laurel Wealth Advisors LLC lifted its position in shares of Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 600 shares in the last quarter. Continuum Advisory LLC boosted 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 purchasing an additional 236 shares during the period. Wolff Wiese Magana LLC grew its position in Freeport-McMoRan by 214.4% during the 3rd quarter. Wolff Wiese Magana LLC now owns 849 shares of the natural resource company’s stock worth $42,000 after purchasing an additional 579 shares in the last quarter. Finally, FSA Wealth Management LLC acquired a new stake in Freeport-McMoRan during the 3rd quarter valued at $46,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 3.0 %

Freeport-McMoRan stock opened at $38.27 on Friday. The company has a market capitalization of $54.98 billion, a P/E ratio of 29.66, a P/E/G ratio of 0.85 and a beta of 1.85. Freeport-McMoRan Inc. has a 1-year low of $34.89 and a 1-year high of $55.24. The firm’s fifty day simple moving average is $39.36 and its 200-day simple moving average is $43.07. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly 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%. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. BMO Capital Markets lowered their price target on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Scotiabank lowered their target price on 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. Jefferies Financial Group lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and reduced their price target for the stock from $48.00 to $40.00 in a research report on Friday, January 24th. JPMorgan Chase & Co. decreased their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Finally, Raymond James upped their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Nine equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price 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.