Assetmark Inc. Grows Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Assetmark Inc. lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 12.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 76,866 shares of the natural resource company’s stock after buying an additional 8,472 shares during the quarter. Assetmark Inc.’s holdings in Freeport-McMoRan were worth $2,927,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Asset Planning Inc purchased a new position in Freeport-McMoRan in the fourth quarter worth $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 worth $28,000 after acquiring an additional 600 shares in the last quarter. Roxbury Financial LLC purchased a new position in Freeport-McMoRan in the fourth quarter worth $28,000. Continuum Advisory LLC raised its position in Freeport-McMoRan by 46.8% in the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 236 shares in the last quarter. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in Freeport-McMoRan in the fourth quarter worth $29,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FCX. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research report on Thursday. JPMorgan Chase & Co. cut their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. BMO Capital Markets lowered their target price 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 report on Friday, January 24th. Finally, Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Seven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $51.75.

Freeport-McMoRan Stock Down 1.9 %

FCX opened at $36.97 on Monday. 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 firm has a market cap of $53.13 billion, a P/E ratio of 28.66, a PEG ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a 52 week low of $34.26 and a 52 week high of $55.24. The business’s fifty day simple moving average is $38.06 and its 200 day simple moving average is $42.35.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data 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%. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan 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.