Avalon Capital Management Buys Shares of 5,640 Freeport-McMoRan Inc. (NYSE:FCX)

Avalon Capital Management purchased a new position in Freeport-McMoRan Inc. (NYSE:FCXFree Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 5,640 shares of the natural resource company’s stock, valued at approximately $240,000.

A number of other hedge funds have also modified their holdings of the stock. Westside Investment Management Inc. lifted its stake in shares of Freeport-McMoRan by 52.8% in the fourth quarter. Westside Investment Management Inc. now owns 4,834 shares of the natural resource company’s stock worth $206,000 after buying an additional 1,671 shares during the last quarter. Redhawk Wealth Advisors Inc. bought a new stake in shares of Freeport-McMoRan during the fourth quarter valued at approximately $311,000. Brookstone Capital Management lifted its position in Freeport-McMoRan by 7.7% in the fourth quarter. Brookstone Capital Management now owns 7,334 shares of the natural resource company’s stock worth $312,000 after purchasing an additional 524 shares during the period. Vest Financial LLC raised its position in Freeport-McMoRan by 36.0% in the fourth quarter. Vest Financial LLC now owns 309,684 shares of the natural resource company’s stock worth $13,183,000 after purchasing an additional 81,904 shares in the last quarter. Finally, Chapin Davis Inc. acquired a new position in Freeport-McMoRan during the fourth quarter worth $211,000. 77.96% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 2.5 %

FCX opened at $45.09 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.38 and a current ratio of 2.42. The stock has a fifty day moving average of $39.72 and a 200-day moving average of $38.52. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $46.46. The company has a market capitalization of $64.68 billion, a P/E ratio of 35.50 and a beta of 2.02.

Freeport-McMoRan (NYSE:FCXGet Free Report) last issued its quarterly earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.04. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The business had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same period in the previous year, the company posted $0.52 earnings per share. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, equities analysts expect that Freeport-McMoRan Inc. will post 1.52 EPS for the current year.

Analyst Upgrades and Downgrades

FCX has been the subject of several analyst reports. Raymond James lifted their price target on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a report on Thursday, January 4th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their target price for the company from $41.00 to $48.50 in a research report on Monday, January 8th. UBS Group lowered their target price on Freeport-McMoRan from $42.00 to $41.00 and set a “neutral” rating for the company in a report on Wednesday, December 13th. Finally, Eight Capital set a $55.00 price objective on Freeport-McMoRan and gave the company a “buy” rating in a report on Wednesday, December 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Hold” and an average price target of $44.95.

View Our Latest Research Report on FCX

About Freeport-McMoRan

(Free Report)

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.

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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