TruWealth Advisors LLC Grows Stock Position in Freeport-McMoRan Inc. $FCX

TruWealth Advisors LLC lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 1.8% during the fourth quarter, Holdings Channel.com reports. The fund owned 589,675 shares of the natural resource company’s stock after acquiring an additional 10,701 shares during the period. Freeport-McMoRan accounts for approximately 1.5% of TruWealth Advisors LLC’s holdings, making the stock its 21st biggest holding. TruWealth Advisors LLC’s holdings in Freeport-McMoRan were worth $29,950,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of FCX. Brighton Jones LLC increased its holdings in shares of Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after purchasing an additional 2,882 shares during the period. Bison Wealth LLC boosted its position in Freeport-McMoRan by 5.6% during the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in Freeport-McMoRan in the second quarter valued at approximately $560,000. Boston Partners increased its position in shares of Freeport-McMoRan by 14.9% in the second quarter. Boston Partners now owns 5,542,388 shares of the natural resource company’s stock valued at $240,230,000 after buying an additional 716,770 shares in the last quarter. Finally, Intech Investment Management LLC increased its position in shares of Freeport-McMoRan by 40.1% in the second quarter. Intech Investment Management LLC now owns 25,184 shares of the natural resource company’s stock valued at $1,092,000 after buying an additional 7,211 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $52.02 on Friday. The firm has a 50-day simple moving average of $61.67 and a 200-day simple moving average of $50.28. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $74.77 billion, a price-to-earnings ratio of 34.45, a price-to-earnings-growth 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.

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

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Scotiabank increased their target price on Freeport-McMoRan from $70.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, February 19th. Wall Street Zen cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a report on Wednesday, November 26th. Wells Fargo & Company upped their price target on shares of Freeport-McMoRan from $55.00 to $64.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 13th. Finally, Bank of America raised their price target 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 issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $62.59.

View Our Latest Stock Analysis on FCX

Insiders Place Their Bets

In related news, CAO Ellie L. Mikes sold 11,000 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total value of $682,330.00. Following the completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Maree E. Robertson sold 48,500 shares of the company’s stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $61.55, for a total transaction of $2,985,175.00. Following the completion of the transaction, the chief financial officer directly owned 79,894 shares in the company, valued at $4,917,475.70. The trade was a 37.77% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 565,145 shares of company stock valued at $35,839,918. Insiders own 0.75% of the company’s stock.

About Freeport-McMoRan

(Free Report)

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.

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