Hartford Financial Management Inc. Raises Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Hartford Financial Management Inc. raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,397 shares of the natural resource company’s stock after purchasing an additional 519 shares during the quarter. Hartford Financial Management Inc.’s holdings in Freeport-McMoRan were worth $662,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of FCX. EP Wealth Advisors LLC raised its position in Freeport-McMoRan by 10.6% during the 2nd quarter. EP Wealth Advisors LLC now owns 13,348 shares of the natural resource company’s stock worth $649,000 after buying an additional 1,282 shares during the last quarter. Truist Financial Corp increased its stake in shares of Freeport-McMoRan by 22.8% in the second quarter. Truist Financial Corp now owns 135,608 shares of the natural resource company’s stock worth $6,591,000 after acquiring an additional 25,214 shares during the period. Advisory Alpha LLC acquired a new position in Freeport-McMoRan during the second quarter valued at $221,000. Cetera Investment Advisers boosted its holdings in Freeport-McMoRan by 10.1% in the second quarter. Cetera Investment Advisers now owns 320,419 shares of the natural resource company’s stock valued at $15,572,000 after purchasing an additional 29,394 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in Freeport-McMoRan during the 2nd quarter worth about $7,582,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $36.62 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. Freeport-McMoRan Inc. has a 1-year low of $35.46 and a 1-year high of $55.24. The company has a market cap of $52.62 billion, a PE ratio of 28.39, a price-to-earnings-growth ratio of 0.86 and a beta of 1.87. The stock’s 50 day simple moving average is $40.22 and its 200-day simple moving average is $43.54.

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 return on equity of 7.50% and a net margin of 7.42%. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.75 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Scotiabank decreased their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, January 24th. Raymond James upped their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their target price for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. JPMorgan Chase & Co. lowered their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Finally, BMO Capital Markets cut their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $51.46.

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.