Sound View Wealth Advisors Group LLC Buys 29,718 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Sound View Wealth Advisors Group LLC raised its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 565.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,975 shares of the natural resource company's stock after buying an additional 29,718 shares during the period. Sound View Wealth Advisors Group LLC's holdings in Freeport-McMoRan were worth $1,332,000 at the end of the most recent quarter.

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Several other institutional investors also recently bought and sold shares of FCX. Principal Financial Group Inc. raised its holdings in Freeport-McMoRan by 4.1% during the third quarter. Principal Financial Group Inc. now owns 1,684,393 shares of the natural resource company's stock valued at $84,085,000 after buying an additional 66,699 shares in the last quarter. Confluence Investment Management LLC increased its stake in shares of Freeport-McMoRan by 7.1% in the third quarter. Confluence Investment Management LLC now owns 13,414 shares of the natural resource company's stock worth $670,000 after purchasing an additional 885 shares during the period. Fiera Capital Corp increased its stake in shares of Freeport-McMoRan by 11.9% in the third quarter. Fiera Capital Corp now owns 97,541 shares of the natural resource company's stock worth $4,869,000 after purchasing an additional 10,410 shares during the period. CWA Asset Management Group LLC bought a new position in shares of Freeport-McMoRan in the third quarter worth about $744,000. Finally, SpiderRock Advisors LLC bought a new position in shares of Freeport-McMoRan in the third quarter worth about $1,524,000. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on FCX. JPMorgan Chase & Co. dropped their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating on the stock in a research note on Thursday, January 16th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective on the stock in a research note on Thursday. Jefferies Financial Group upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $40.00 to $48.00 in a research note on Thursday, February 27th. BMO Capital Markets dropped their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a research note on Friday, January 24th. Finally, Argus downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Friday, January 31st. Seven analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of "Moderate Buy" and an average price target of $51.75.

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View Our Latest Analysis on FCX

Freeport-McMoRan Trading Down 1.9 %

FCX stock opened at $36.97 on Monday. Freeport-McMoRan Inc. has a 1-year low of $34.26 and a 1-year high of $55.24. The firm has a market cap of $53.13 billion, a P/E ratio of 28.66, a P/E/G ratio of 0.87 and a beta of 1.87. The business's 50 day moving average is $38.06 and its 200-day moving average is $42.35. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31.

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Freeport-McMoRan (NYSE:FCX - Get Free Report) last released 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 net margin of 7.42% and a return on equity of 7.50%. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

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.

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