Avitas Wealth Management LLC Buys 22,759 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Avitas Wealth Management LLC increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 435.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,991 shares of the natural resource company’s stock after acquiring an additional 22,759 shares during the period. Avitas Wealth Management LLC’s holdings in Freeport-McMoRan were worth $1,066,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of FCX. Matrix Trust Co bought a new stake in Freeport-McMoRan in the third quarter valued at approximately $25,000. Laurel Wealth Advisors LLC raised its holdings in Freeport-McMoRan by 487.8% during the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after buying an additional 600 shares during the last quarter. Godsey & Gibb Inc. raised its holdings in Freeport-McMoRan by 150.4% during the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock valued at $29,000 after buying an additional 346 shares during the last quarter. Financial Life Planners purchased a new stake in Freeport-McMoRan during the 4th quarter valued at $36,000. Finally, Continuum Advisory LLC grew its holdings in Freeport-McMoRan by 46.8% in the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 236 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Trading Up 1.8 %

NYSE:FCX opened at $36.49 on Wednesday. The firm has a market capitalization of $52.43 billion, a P/E ratio of 28.29, a PEG ratio of 0.85 and a beta of 1.85. 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 one year low of $34.89 and a one year high of $55.24. The company’s 50-day simple moving average is $39.75 and its 200 day simple moving average is $43.21.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share 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, analysts forecast that Freeport-McMoRan Inc. will post 1.75 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Scotiabank cut their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Friday, January 24th. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Raymond James lifted their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Finally, Jefferies Financial Group lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $48.00 to $40.00 in a report on Friday, January 24th. Nine 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 MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.46.

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.