Hollencrest Capital Management Has $1.71 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Hollencrest Capital Management decreased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 44,883 shares of the natural resource company’s stock after selling 451 shares during the period. Hollencrest Capital Management’s holdings in Freeport-McMoRan were worth $1,709,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FCX. Verdence Capital Advisors LLC acquired a new position in Freeport-McMoRan during the 3rd quarter worth about $295,000. Assetmark Inc. raised its holdings in Freeport-McMoRan by 107.1% during the 3rd quarter. Assetmark Inc. now owns 68,394 shares of the natural resource company’s stock worth $3,414,000 after purchasing an additional 35,368 shares during the last quarter. Mesirow Financial Investment Management Inc. raised its holdings in Freeport-McMoRan by 1.8% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 15,646 shares of the natural resource company’s stock worth $781,000 after purchasing an additional 279 shares during the last quarter. Legacy Capital Wealth Partners LLC bought a new stake in Freeport-McMoRan during the 3rd quarter worth about $202,000. Finally, Crossmark Global Holdings Inc. raised its holdings in Freeport-McMoRan by 1.5% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 54,567 shares of the natural resource company’s stock worth $2,724,000 after purchasing an additional 782 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 4.0 %

FCX opened at $35.88 on Wednesday. Freeport-McMoRan Inc. has a 1-year low of $33.98 and a 1-year high of $55.24. The stock’s fifty day simple moving average is $37.94 and its 200 day simple moving average is $42.22. 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 cap of $51.55 billion, a PE ratio of 27.81, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results 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%. As a group, research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on FCX shares. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a report on Thursday, March 6th. Dbs Bank raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday. JPMorgan Chase & Co. dropped their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. 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. Finally, Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Seven research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $51.75.

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.