Avior Wealth Management LLC Acquires 62,471 Shares of Freeport-McMoRan Inc. $FCX

Avior Wealth Management LLC increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 857.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 69,757 shares of the natural resource company’s stock after acquiring an additional 62,471 shares during the quarter. Avior Wealth Management LLC’s holdings in Freeport-McMoRan were worth $3,543,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Steigerwald Gordon & Koch Inc. acquired a new position in shares of Freeport-McMoRan in the third quarter valued at approximately $25,000. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of Freeport-McMoRan during the 2nd quarter worth $28,000. Salomon & Ludwin LLC raised its position in shares of Freeport-McMoRan by 1,962.9% in the 3rd quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock valued at $29,000 after buying an additional 687 shares in the last quarter. JPL Wealth Management LLC acquired a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at $33,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in Freeport-McMoRan in the third quarter valued at about $36,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $52.02 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29. The firm has a market cap of $74.77 billion, a price-to-earnings ratio of 34.45, a PEG ratio of 0.63 and a beta of 1.41. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $69.75. The business’s fifty day moving average is $61.67 and its 200 day moving average is $50.28.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.28 by $0.19. The company had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $5.42 billion. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. Freeport-McMoRan’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.31 earnings per share. Research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, CFO Maree E. Robertson sold 48,500 shares of the business’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $61.55, for a total value of $2,985,175.00. Following the completion of the transaction, the chief financial officer owned 79,894 shares of the company’s stock, valued at $4,917,475.70. The trade was a 37.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Richard C. Adkerson sold 248,031 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $62.80, for a total value of $15,576,346.80. Following the transaction, the chairman directly owned 3,509,119 shares in the company, valued at approximately $220,372,673.20. This represents a 6.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 565,145 shares of company stock valued at $35,839,918 over the last 90 days. Insiders own 0.75% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FCX shares. HSBC raised their target price on shares of Freeport-McMoRan from $48.00 to $69.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Raymond James Financial increased their price target on Freeport-McMoRan from $53.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, January 15th. UBS Group boosted their price objective on Freeport-McMoRan from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. CICC Research upped their target price on Freeport-McMoRan from $50.40 to $64.40 and gave the company an “outperform” rating in a research report on Monday, January 26th. Finally, Morgan Stanley set a $70.00 price objective on shares of Freeport-McMoRan in a research report on Tuesday, January 27th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $62.59.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.