Childress Capital Advisors LLC Purchases 10,025 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Childress Capital Advisors LLC raised its position in Freeport-McMoRan Inc. (NYSE:FCX) by 118.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,477 shares of the natural resource company’s stock after buying an additional 10,025 shares during the quarter. Childress Capital Advisors LLC’s holdings in Freeport-McMoRan were worth $704,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Truist Financial Corp raised its position in Freeport-McMoRan by 22.8% during the second quarter. Truist Financial Corp now owns 135,608 shares of the natural resource company’s stock valued at $6,591,000 after purchasing an additional 25,214 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Freeport-McMoRan during the 2nd quarter worth $1,143,000. Czech National Bank lifted its position in shares of Freeport-McMoRan by 6.9% during the 3rd quarter. Czech National Bank now owns 292,703 shares of the natural resource company’s stock worth $14,612,000 after buying an additional 18,967 shares during the last quarter. GAMMA Investing LLC boosted its stake in Freeport-McMoRan by 25.1% in the third quarter. GAMMA Investing LLC now owns 19,771 shares of the natural resource company’s stock valued at $987,000 after buying an additional 3,966 shares in the last quarter. Finally, Verde Servicos Internacionais S.A. bought a new position in Freeport-McMoRan in the third quarter valued at about $5,515,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FCX shares. Raymond James raised their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. cut their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. BMO Capital Markets lowered their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Jefferies Financial Group downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating and cut their price objective for the company from $48.00 to $40.00 in a report on Friday, January 24th. Finally, Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday. Nine investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $51.46.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $35.86 on Tuesday. Freeport-McMoRan Inc. has a 52 week low of $34.89 and a 52 week high of $55.24. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The business has a 50 day moving average price of $39.89 and a 200-day moving average price of $43.28. The company has a market cap of $51.53 billion, a PE ratio of 27.80, a price-to-earnings-growth ratio of 0.85 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results 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%. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.75 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.