Affinity Wealth Management LLC Sells 1,682 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Affinity Wealth Management LLC trimmed its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 1.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 123,488 shares of the natural resource company’s stock after selling 1,682 shares during the period. Freeport-McMoRan comprises 0.8% of Affinity Wealth Management LLC’s holdings, making the stock its 28th biggest holding. Affinity Wealth Management LLC’s holdings in Freeport-McMoRan were worth $4,702,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Matrix Trust Co purchased a new position in Freeport-McMoRan during the 3rd quarter worth $25,000. University of Texas Texas AM Investment Management Co. bought a new position in shares of Freeport-McMoRan during the 2nd quarter worth $27,000. Godsey & Gibb Inc. increased its stake in shares of Freeport-McMoRan by 150.4% during the third 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 period. Laurel Wealth Advisors LLC lifted its stake in Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 600 shares during the period. Finally, Continuum Advisory LLC grew its holdings in Freeport-McMoRan by 46.8% during 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 in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 1.9 %

NYSE FCX opened at $37.78 on Friday. The stock has a market cap of $54.29 billion, a P/E ratio of 27.58, a P/E/G ratio of 2.39 and a beta of 1.87. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12-month low of $36.26 and a 12-month high of $55.24. The company has a fifty day simple moving average of $40.81 and a two-hundred day simple moving average of $43.90.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.42 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently commented on FCX. JPMorgan Chase & Co. reduced their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Scotiabank reduced their price objective on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research note on Friday. Raymond James raised their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Jefferies Financial Group downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and reduced their target price for the stock from $48.00 to $40.00 in a report on Friday. Finally, Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.46.

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.