Pacific Heights Asset Management LLC Has $82.63 Million Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Pacific Heights Asset Management LLC reduced its position in Freeport-McMoRan Inc. (NYSE:FCX) by 0.2% in the 4th quarter, Holdings Channel reports. The institutional investor owned 2,170,000 shares of the natural resource company’s stock after selling 5,000 shares during the period. Freeport-McMoRan accounts for 5.4% of Pacific Heights Asset Management LLC’s investment portfolio, making the stock its 4th biggest holding. Pacific Heights Asset Management LLC’s holdings in Freeport-McMoRan were worth $82,634,000 as of its most recent filing with the SEC.

Several other large investors have also bought and sold shares of FCX. Asset Planning Inc acquired a new position in shares of Freeport-McMoRan during the fourth quarter worth about $25,000. Vision Financial Markets LLC bought a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $27,000. Laurel Wealth Advisors LLC lifted its holdings in Freeport-McMoRan by 487.8% during the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 600 shares during the last quarter. Roxbury Financial LLC acquired a new position in Freeport-McMoRan in the 4th quarter valued at about $28,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in shares of Freeport-McMoRan in the fourth quarter valued at approximately $29,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. BMO Capital Markets cut their price target on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company 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. Jefferies Financial Group upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their price target for the stock from $40.00 to $48.00 in a report on Thursday, February 27th. JPMorgan Chase & Co. lowered their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Finally, Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Seven analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

Freeport-McMoRan Stock Down 1.3 %

Shares of NYSE:FCX opened at $37.66 on Friday. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $54.11 billion, a price-to-earnings ratio of 29.19, a PEG ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a 12-month low of $34.26 and a 12-month high of $55.24. The stock has a fifty day simple moving average of $38.13 and a two-hundred day simple moving average of $42.45.

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

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.