Private Advisor Group LLC Sells 7,298 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Private Advisor Group LLC lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 9.4% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 70,017 shares of the natural resource company’s stock after selling 7,298 shares during the quarter. Private Advisor Group LLC’s holdings in Freeport-McMoRan were worth $2,666,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Mountaineer Partners Management LLC raised its stake in Freeport-McMoRan by 4,767.8% in the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock worth $595,702,000 after purchasing an additional 11,687,982 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Freeport-McMoRan by 142.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company’s stock valued at $162,964,000 after buying an additional 2,515,103 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Freeport-McMoRan by 9.5% in the third quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock valued at $1,348,522,000 after buying an additional 2,366,187 shares in the last quarter. Los Angeles Capital Management LLC boosted its stake in shares of Freeport-McMoRan by 423.5% in the third quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock valued at $139,183,000 after buying an additional 2,255,529 shares during the period. Finally, Fisher Asset Management LLC grew its position in Freeport-McMoRan by 2.4% during the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after buying an additional 1,392,494 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FCX. Scotiabank dropped their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” 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 dropped their price target for the company from $48.00 to $40.00 in a research note on Friday, January 24th. Argus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. BMO Capital Markets decreased their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Finally, JPMorgan Chase & Co. cut 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. Nine investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.46.

Freeport-McMoRan Stock Up 0.4 %

Shares of NYSE:FCX opened at $37.11 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 market capitalization of $53.33 billion, a PE ratio of 28.77, a price-to-earnings-growth ratio of 0.87 and a beta of 1.85. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The company has a fifty day moving average of $38.46 and a 200-day moving average of $42.72.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. On average, equities analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

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.