Sound View Wealth Advisors Group LLC Acquires 29,718 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Sound View Wealth Advisors Group LLC increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 565.3% during the fourth quarter, Holdings Channel reports. The fund owned 34,975 shares of the natural resource company’s stock after purchasing an additional 29,718 shares during the period. Sound View Wealth Advisors Group LLC’s holdings in Freeport-McMoRan were worth $1,332,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. Sowell Financial Services LLC grew its position in Freeport-McMoRan by 50.4% during the 4th quarter. Sowell Financial Services LLC now owns 25,752 shares of the natural resource company’s stock worth $981,000 after acquiring an additional 8,628 shares during the last quarter. AlphaQuest LLC lifted its holdings in Freeport-McMoRan by 2,342.3% during the 4th quarter. AlphaQuest LLC now owns 45,549 shares of the natural resource company’s stock worth $1,735,000 after buying an additional 43,684 shares in the last quarter. OFI Invest Asset Management acquired a new position in Freeport-McMoRan during the 4th quarter worth $30,947,000. CM Management LLC lifted its holdings in Freeport-McMoRan by 66.7% during the 4th quarter. CM Management LLC now owns 50,000 shares of the natural resource company’s stock worth $1,904,000 after buying an additional 20,000 shares in the last quarter. Finally, Amundi lifted its holdings in Freeport-McMoRan by 30.2% during the 4th quarter. Amundi now owns 21,580,960 shares of the natural resource company’s stock worth $857,305,000 after buying an additional 5,001,531 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FCX has been the topic of several research reports. BMO Capital Markets reduced their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Jefferies Financial Group raised Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their price objective for the stock from $40.00 to $48.00 in a report on Thursday, February 27th. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research note on Thursday. Finally, Scotiabank cut their price target 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. Seven research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $36.97 on Monday. The company has a market capitalization of $53.13 billion, a PE ratio of 28.66, a PEG ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a 12 month low of $34.26 and a 12 month high of $55.24. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The stock’s fifty day simple moving average is $38.06 and its 200 day simple moving average is $42.35.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. On average, research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

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.