Avestar Capital LLC Buys 1,716 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Avestar Capital LLC raised its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 15.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,632 shares of the natural resource company’s stock after acquiring an additional 1,716 shares during the quarter. Avestar Capital LLC’s holdings in Freeport-McMoRan were worth $481,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Fisher Asset Management LLC boosted its position in shares of Freeport-McMoRan by 2.4% in the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after purchasing an additional 1,392,494 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Freeport-McMoRan by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock valued at $1,436,455,000 after acquiring an additional 529,099 shares during the period. Franklin Resources Inc. grew its position in shares of Freeport-McMoRan by 9.5% during the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock valued at $1,348,522,000 after acquiring an additional 2,366,187 shares during the period. Mountaineer Partners Management LLC grew its position in shares of Freeport-McMoRan by 4,767.8% during the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock valued at $595,702,000 after acquiring an additional 11,687,982 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Freeport-McMoRan by 1.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 8,223,038 shares of the natural resource company’s stock valued at $410,494,000 after acquiring an additional 127,251 shares during the period. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on FCX. Scotiabank lowered their price objective 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. Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Jefferies Financial Group cut Freeport-McMoRan from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $48.00 to $40.00 in a report on Friday, January 24th. Raymond James lifted their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Nine research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $51.46.

Freeport-McMoRan Stock Down 1.9 %

FCX stock opened at $39.46 on Friday. The firm has a market cap of $56.69 billion, a PE ratio of 30.59, a PEG ratio of 0.81 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. The firm’s 50 day moving average price is $38.93 and its 200-day moving average price is $42.87. Freeport-McMoRan Inc. has a one year low of $34.89 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results 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 net margin of 7.42% and a return on equity of 7.50%. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.71 EPS for the current year.

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.