Evanson Asset Management LLC Lowers Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Evanson Asset Management LLC lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 3.6% in the 1st quarter, Holdings Channel.com reports. The firm owned 8,060 shares of the natural resource company’s stock after selling 301 shares during the quarter. Evanson Asset Management LLC’s holdings in Freeport-McMoRan were worth $379,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of FCX. Belpointe Asset Management LLC lifted its position in Freeport-McMoRan by 38.6% during the fourth quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock valued at $719,000 after acquiring an additional 4,703 shares during the last quarter. Fisher Asset Management LLC raised its holdings in shares of Freeport-McMoRan by 1.8% in the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after buying an additional 976,592 shares during the last quarter. Oaktree Capital Management LP raised its holdings in shares of Freeport-McMoRan by 7.8% in the fourth quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock worth $124,216,000 after buying an additional 211,608 shares during the last quarter. Signature Estate & Investment Advisors LLC raised its holdings in shares of Freeport-McMoRan by 6.4% in the fourth quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock worth $14,726,000 after buying an additional 20,894 shares during the last quarter. Finally, Cadinha & Co. LLC raised its holdings in shares of Freeport-McMoRan by 59.0% in the fourth quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock worth $27,572,000 after buying an additional 240,340 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 1.0 %

FCX stock opened at $49.89 on Wednesday. The firm has a market cap of $71.67 billion, a PE ratio of 44.15, a P/E/G ratio of 2.19 and a beta of 1.96. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. The firm’s fifty day moving average is $50.64 and its 200 day moving average is $44.94. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. The company had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The firm’s revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the business earned $0.52 earnings per share. On average, research analysts forecast that Freeport-McMoRan Inc. will post 1.72 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on FCX. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a report on Tuesday, April 9th. Raymond James raised their price target on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday, April 24th. Bernstein Bank raised their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday, April 23rd. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $49.50 to $62.00 in a report on Friday, June 21st. Finally, BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Five equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.93.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the stock in a transaction on Monday, April 29th. The shares were sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the transaction, the vice president now directly owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $51.99, for a total value of $2,859,450.00. Following the transaction, the vice president now directly owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Richard C. Adkerson sold 169,229 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $50.56, for a total transaction of $8,556,218.24. Following the completion of the transaction, the chief executive officer now directly owns 3,707,249 shares in the company, valued at $187,438,509.44. The disclosure for this sale can be found here. Insiders have sold a total of 445,667 shares of company stock valued at $22,755,070 over the last ninety days. Corporate insiders own 0.79% of the company’s stock.

About Freeport-McMoRan

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.