Wingate Wealth Advisors Inc. Makes New Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Wingate Wealth Advisors Inc. purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,020 shares of the natural resource company’s stock, valued at approximately $39,000.

A number of other hedge funds have also modified their holdings of the business. Trust Co. of Vermont grew its holdings in Freeport-McMoRan by 5.2% during the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock valued at $228,000 after buying an additional 228 shares during the last quarter. Fidelis Capital Partners LLC boosted its stake in shares of Freeport-McMoRan by 2.0% during the third quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock valued at $560,000 after acquiring an additional 231 shares during the last quarter. Prospera Private Wealth LLC boosted its stake in shares of Freeport-McMoRan by 4.4% during the third quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock valued at $277,000 after acquiring an additional 234 shares during the last quarter. Continuum Advisory LLC raised 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 valued at $37,000 after purchasing an additional 236 shares during the last quarter. Finally, Harbor Capital Advisors Inc. raised its stake in Freeport-McMoRan by 0.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 50,431 shares of the natural resource company’s stock valued at $2,518,000 after purchasing an additional 244 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $37.62 on Wednesday. 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 $34.89 and a 1-year high of $55.24. The firm has a market capitalization of $54.05 billion, a P/E ratio of 29.16, a P/E/G ratio of 0.81 and a beta of 1.85. The business’s 50-day simple moving average is $39.13 and its 200-day simple moving average is $42.95.

Freeport-McMoRan (NYSE:FCX) last announced 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 net margin of 7.42% and a return on equity of 7.50%. Equities analysts predict that Freeport-McMoRan Inc. will post 1.71 EPS for the current year.

Analyst Upgrades and Downgrades

FCX has been the subject of a number of recent research reports. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Raymond James lifted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Jefferies Financial Group downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating and cut their price target for the company from $48.00 to $40.00 in a report on Friday, January 24th. JPMorgan Chase & Co. decreased their price objective on 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 dropped their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Nine investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $51.46.

About Freeport-McMoRan

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.