Edge Capital Group LLC Has $290,000 Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Edge Capital Group LLC cut its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 58.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,617 shares of the natural resource company's stock after selling 10,879 shares during the period. Edge Capital Group LLC's holdings in Freeport-McMoRan were worth $290,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Mountaineer Partners Management LLC grew its position in shares of 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 acquiring an additional 11,687,982 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in Freeport-McMoRan by 142.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company's stock worth $162,964,000 after purchasing an additional 2,515,103 shares during the last quarter. Franklin Resources Inc. boosted its holdings in 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 worth $1,348,522,000 after purchasing an additional 2,366,187 shares during the period. Los Angeles Capital Management LLC increased its stake in Freeport-McMoRan by 423.5% during 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 purchasing an additional 2,255,529 shares during the last quarter. Finally, Fisher Asset Management LLC raised its holdings in shares of 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 purchasing an additional 1,392,494 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on FCX shares. JPMorgan Chase & Co. lowered their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating for the company in a research report on Thursday, January 16th. Sanford C. Bernstein lowered Freeport-McMoRan from an "outperform" rating to a "market perform" rating and lowered their target price for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. BMO Capital Markets cut their price target on Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a report on Friday, January 24th. Scotiabank dropped their target price on Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating on the stock in a research report on Friday, January 24th. Finally, Jefferies Financial Group upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and lifted their price objective for the company from $40.00 to $48.00 in a research report on Thursday. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan currently has an average rating of "Moderate Buy" and a consensus target price of $52.04.

Freeport-McMoRan Stock Down 1.3 %

Freeport-McMoRan stock traded down $0.51 during mid-day trading on Friday, hitting $36.92. The company's stock had a trading volume of 14,776,973 shares, compared to its average volume of 14,538,130. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. Freeport-McMoRan Inc. has a 52-week low of $34.89 and a 52-week high of $55.24. The firm's 50 day moving average is $38.35 and its 200 day moving average is $42.62. The company has a market cap of $53.05 billion, a PE ratio of 28.62, a price-to-earnings-growth ratio of 0.87 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate 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, analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

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.