180 Wealth Advisors LLC Trims Holdings in Freeport-McMoRan Inc. $FCX

180 Wealth Advisors LLC cut its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 31.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,882 shares of the natural resource company’s stock after selling 22,303 shares during the quarter. 180 Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $2,432,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

FCX has been the topic of several recent analyst reports. CICC Research increased their price objective on shares of Freeport-McMoRan from $50.40 to $64.40 and gave the stock an “outperform” rating in a report on Monday, January 26th. Morgan Stanley set a $70.00 target price on shares of Freeport-McMoRan in a report on Tuesday, January 27th. Raymond James Financial upped their price target on shares of Freeport-McMoRan from $53.00 to $66.00 and gave the stock an “outperform” rating in a research report on Thursday, January 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a report on Thursday, January 22nd. Finally, Bank of America boosted their price objective on shares of Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $62.59.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $52.02 on Monday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.29 and a quick ratio of 1.05. The company’s fifty day moving average price is $61.67 and its two-hundred day moving average price is $50.35. The firm has a market capitalization of $74.77 billion, a P/E ratio of 34.45, a P/E/G ratio of 0.61 and a beta of 1.41. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $69.75.

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

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 29,654 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $63.00, for a total value of $1,868,202.00. Following the transaction, the chief accounting officer directly owned 76,445 shares of the company’s stock, valued at $4,816,035. This represents a 27.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Ellie L. Mikes sold 11,000 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $62.03, for a total value of $682,330.00. Following the transaction, the chief accounting officer owned 40,773 shares of the company’s stock, valued at approximately $2,529,149.19. This trade represents a 21.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 565,145 shares of company stock valued at $35,839,918 in the last three months. 0.79% of the stock is currently owned by company insiders.

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.