Harbor Investment Advisory LLC Has $151,000 Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Harbor Investment Advisory LLC lessened its position in Freeport-McMoRan Inc. (NYSE:FCX) by 31.5% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 3,972 shares of the natural resource company’s stock after selling 1,825 shares during the period. Harbor Investment Advisory LLC’s holdings in Freeport-McMoRan were worth $151,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in FCX. AE Wealth Management LLC boosted its position in shares of Freeport-McMoRan by 17.9% during the second quarter. AE Wealth Management LLC now owns 22,093 shares of the natural resource company’s stock valued at $1,074,000 after buying an additional 3,353 shares during the last quarter. Public Sector Pension Investment Board boosted its position in shares of Freeport-McMoRan by 74.3% during the second quarter. Public Sector Pension Investment Board now owns 55,421 shares of the natural resource company’s stock valued at $2,693,000 after buying an additional 23,629 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Freeport-McMoRan by 60.0% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 274,740 shares of the natural resource company’s stock valued at $13,352,000 after buying an additional 102,993 shares during the last quarter. Insigneo Advisory Services LLC boosted its position in shares of Freeport-McMoRan by 95.7% during the second quarter. Insigneo Advisory Services LLC now owns 12,175 shares of the natural resource company’s stock valued at $592,000 after buying an additional 5,954 shares during the last quarter. Finally, Fred Alger Management LLC purchased a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $45,327,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Raymond James lifted their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. dropped their price target on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Jefferies Financial Group dropped their price target on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, Scotiabank dropped their price target on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a report on Monday, January 6th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.42.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $39.07 on Thursday. The business’s fifty day simple moving average is $41.01 and its two-hundred day simple moving average is $44.08. The company has a market cap of $56.14 billion, a price-to-earnings ratio of 28.52, a P/E/G ratio of 2.30 and a beta of 1.87. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12 month low of $36.26 and a 12 month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company’s revenue was up 16.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.39 EPS. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.43 earnings per share for the current fiscal year.

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.