West Michigan Advisors LLC Buys 1,064 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

West Michigan Advisors LLC boosted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 13.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 8,746 shares of the natural resource company’s stock after buying an additional 1,064 shares during the quarter. West Michigan Advisors LLC’s holdings in Freeport-McMoRan were worth $333,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Americana Partners LLC raised its stake in Freeport-McMoRan by 22.9% during the third quarter. Americana Partners LLC now owns 8,273 shares of the natural resource company’s stock worth $413,000 after buying an additional 1,539 shares during the last quarter. Capital Advisors Inc. OK grew its holdings in Freeport-McMoRan by 0.4% during the 3rd quarter. Capital Advisors Inc. OK now owns 785,754 shares of the natural resource company’s stock worth $39,225,000 after acquiring an additional 3,433 shares during the period. Farther Finance Advisors LLC raised its position in shares of Freeport-McMoRan by 8.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 24,581 shares of the natural resource company’s stock worth $1,227,000 after acquiring an additional 1,998 shares in the last quarter. Tower Wealth Partners Inc. raised its position in shares of Freeport-McMoRan by 12.3% in the 3rd quarter. Tower Wealth Partners Inc. now owns 5,175 shares of the natural resource company’s stock worth $258,000 after acquiring an additional 567 shares in the last quarter. Finally, Private Wealth Partners LLC lifted its stake in shares of Freeport-McMoRan by 9.4% in the 3rd quarter. Private Wealth Partners LLC now owns 252,152 shares of the natural resource company’s stock valued at $12,587,000 after purchasing an additional 21,583 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $36.92 on Friday. The stock has a market cap of $53.05 billion, a price-to-earnings ratio of 28.62, a PEG ratio of 0.87 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. Freeport-McMoRan Inc. has a fifty-two week low of $34.89 and a fifty-two week high of $55.24. The firm’s 50-day simple moving average is $38.31 and its 200 day simple moving average is $42.59.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (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%. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FCX. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. JPMorgan Chase & Co. lowered their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Scotiabank reduced their price target on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, January 24th. Finally, BMO Capital Markets dropped their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently 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.