Patten & Patten Inc. TN Has $4.10 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Patten & Patten Inc. TN lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 2.3% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 107,580 shares of the natural resource company’s stock after selling 2,480 shares during the period. Patten & Patten Inc. TN’s holdings in Freeport-McMoRan were worth $4,097,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of FCX. Asset Planning Inc acquired a new position in Freeport-McMoRan in the fourth quarter valued at $25,000. Vision Financial Markets LLC bought a new position in shares of Freeport-McMoRan in the 4th quarter worth about $27,000. Laurel Wealth Advisors LLC lifted its stake in shares of Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 600 shares during the period. Roxbury Financial LLC bought a new stake in shares of Freeport-McMoRan during the 4th quarter valued at about $28,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in Freeport-McMoRan during the fourth quarter worth approximately $29,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Trading Up 3.5 %

Shares of Freeport-McMoRan stock opened at $38.91 on Friday. 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 has a fifty day simple moving average of $37.93 and a 200 day simple moving average of $42.09. Freeport-McMoRan Inc. has a 12-month low of $33.98 and a 12-month high of $55.24. The company has a market capitalization of $55.91 billion, a P/E ratio of 30.16, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last posted 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 return on equity of 7.50% and a net margin of 7.42%. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Wednesday. BMO Capital Markets dropped their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. reduced their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

Freeport-McMoRan 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.