Potentia Wealth Acquires Shares of 16,811 Freeport-McMoRan Inc. (NYSE:FCX)

Potentia Wealth acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 16,811 shares of the natural resource company’s stock, valued at approximately $640,000.

Several other large investors have also recently made changes to their positions in the business. Continuum Advisory LLC increased 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 acquiring an additional 236 shares during the last quarter. PFG Investments LLC lifted its holdings in shares of Freeport-McMoRan by 1.3% during the fourth quarter. PFG Investments LLC now owns 22,910 shares of the natural resource company’s stock valued at $872,000 after purchasing an additional 283 shares during the last quarter. Larson Financial Group LLC grew its position in Freeport-McMoRan by 14.6% during the 3rd quarter. Larson Financial Group LLC now owns 2,252 shares of the natural resource company’s stock valued at $112,000 after purchasing an additional 287 shares during the last quarter. Palogic Value Management L.P. increased its holdings in shares of Freeport-McMoRan by 1.5% in the 4th quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company’s stock worth $772,000 after purchasing an additional 292 shares in the last quarter. Finally, SeaCrest Wealth Management LLC raised its holdings in shares of Freeport-McMoRan by 1.6% during the fourth quarter. SeaCrest Wealth Management LLC now owns 19,104 shares of the natural resource company’s stock valued at $727,000 after purchasing an additional 307 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Shares of FCX opened at $41.66 on Tuesday. The firm has a 50-day simple moving average of $38.08 and a 200-day simple moving average of $41.97. Freeport-McMoRan Inc. has a fifty-two week low of $33.98 and a fifty-two week high of $55.24. The company has a market capitalization of $59.87 billion, a price-to-earnings ratio of 32.30, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87. 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 posted 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%. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Analysts Set New Price Targets

FCX has been the topic of a number of analyst reports. Jefferies Financial Group raised Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price objective for the company from $40.00 to $48.00 in a research report on Thursday, February 27th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, March 20th. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a report on Thursday, March 6th. Scotiabank dropped their price objective on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research note on Friday, January 24th. Finally, JPMorgan Chase & Co. raised Freeport-McMoRan from a “neutral” rating to an “overweight” rating and upped their target price for the company from $48.00 to $52.00 in a research note on Thursday, March 20th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.04.

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.