Laffer Tengler Investments Inc. Increases Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Laffer Tengler Investments Inc. increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 29.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,217 shares of the natural resource company’s stock after acquiring an additional 1,431 shares during the period. Laffer Tengler Investments Inc.’s holdings in Freeport-McMoRan were worth $237,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Prospera Private Wealth LLC raised its stake in shares of Freeport-McMoRan by 4.4% in the 3rd quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock valued at $277,000 after purchasing an additional 234 shares in the last quarter. Continuum Advisory LLC increased its holdings in Freeport-McMoRan by 46.8% in the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after buying an additional 236 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in Freeport-McMoRan by 0.5% during the third quarter. Harbor Capital Advisors Inc. now owns 50,431 shares of the natural resource company’s stock valued at $2,518,000 after buying an additional 244 shares in the last quarter. Intellectus Partners LLC lifted its holdings in Freeport-McMoRan by 0.4% during the 3rd quarter. Intellectus Partners LLC now owns 71,758 shares of the natural resource company’s stock worth $3,582,000 after buying an additional 256 shares during the last quarter. Finally, Mesirow Financial Investment Management Inc. grew its position in shares of Freeport-McMoRan by 1.8% in the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 15,646 shares of the natural resource company’s stock worth $781,000 after acquiring an additional 279 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Down 1.7 %

Shares of Freeport-McMoRan stock opened at $34.93 on Wednesday. Freeport-McMoRan Inc. has a 1-year low of $34.26 and a 1-year high of $55.24. The company has a market capitalization of $50.20 billion, a P/E ratio of 27.08, a PEG ratio of 0.87 and a beta of 1.85. The business’s fifty day moving average price is $38.23 and its two-hundred day moving average price is $42.54. 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 (NYSE:FCX) last posted its quarterly earnings data 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, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Analyst Ratings Changes

FCX has been the topic of several research reports. Scotiabank dropped their price target 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 cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Jefferies Financial Group raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price target for the company from $40.00 to $48.00 in a report on Thursday, February 27th. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Finally, JPMorgan Chase & Co. decreased 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. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $52.04.

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.