Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 3.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,299,253 shares of the natural resource company's stock after selling 732,323 shares during the period. Bank of New York Mellon Corp owned 1.34% of Freeport-McMoRan worth $734,916,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of FCX. Allworth Financial LP lifted its holdings in Freeport-McMoRan by 7.3% during the 3rd quarter. Allworth Financial LP now owns 7,336 shares of the natural resource company's stock worth $366,000 after buying an additional 500 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Freeport-McMoRan by 1.5% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 158,417 shares of the natural resource company's stock valued at $7,908,000 after purchasing an additional 2,322 shares during the last quarter. Modera Wealth Management LLC purchased a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at about $321,000. Nisa Investment Advisors LLC lifted its holdings in shares of Freeport-McMoRan by 0.9% in the 3rd quarter. Nisa Investment Advisors LLC now owns 341,039 shares of the natural resource company's stock valued at $17,025,000 after purchasing an additional 2,925 shares during the last quarter. Finally, Autumn Glory Partners LLC lifted its holdings in shares of Freeport-McMoRan by 128.2% in the 3rd quarter. Autumn Glory Partners LLC now owns 11,592 shares of the natural resource company's stock valued at $581,000 after purchasing an additional 6,512 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

FCX traded down $0.51 on Friday, hitting $36.92. 14,776,973 shares of the company traded hands, compared to its average volume of 14,538,130. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The company has a 50 day moving average of $38.31 and a 200-day moving average of $42.59. Freeport-McMoRan Inc. has a 12-month low of $34.89 and a 12-month high of $55.24. The stock has a market capitalization of $53.05 billion, a PE ratio of 28.62, a PEG ratio of 0.87 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on FCX. BMO Capital Markets reduced their target price on Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating for the company in a report on Friday, January 24th. Jefferies Financial Group raised Freeport-McMoRan from a "hold" rating to a "buy" rating and boosted their target price for the company from $40.00 to $48.00 in a report on Thursday. Sanford C. Bernstein downgraded Freeport-McMoRan from an "outperform" rating to a "market perform" rating and reduced their target price for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Scotiabank reduced their target price 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, JPMorgan Chase & Co. reduced their target price on Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating for the company in a report on Thursday, January 16th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and an average target price of $52.04.

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.