Griffin Asset Management Inc. Sells 7,921 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Griffin Asset Management Inc. reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 7.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 96,854 shares of the natural resource company's stock after selling 7,921 shares during the period. Griffin Asset Management Inc.'s holdings in Freeport-McMoRan were worth $3,688,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in FCX. Matrix Trust Co acquired a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at approximately $25,000. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Freeport-McMoRan during the 2nd quarter worth approximately $27,000. Godsey & Gibb Inc. increased its position in Freeport-McMoRan by 150.4% during the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company's stock worth $29,000 after purchasing an additional 346 shares in the last quarter. Laurel Wealth Advisors LLC lifted its stake in shares of Freeport-McMoRan by 487.8% during the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company's stock valued at $28,000 after buying an additional 600 shares during the period. Finally, Continuum Advisory LLC increased its stake in Freeport-McMoRan by 46.8% in the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company's stock valued at $37,000 after purchasing an additional 236 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Shares of FCX traded down $0.87 during mid-day trading on Tuesday, hitting $35.80. 16,826,743 shares of the company traded hands, compared to its average volume of 14,872,160. The stock has a market capitalization of $51.45 billion, a price-to-earnings ratio of 26.13, a PEG ratio of 2.39 and a beta of 1.87. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The business has a 50-day moving average of $40.67 and a 200 day moving average of $43.74. Freeport-McMoRan Inc. has a one year low of $35.46 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. As a group, equities analysts expect that Freeport-McMoRan Inc. will post 1.42 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. BMO Capital Markets cut their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a report on Friday. Jefferies Financial Group lowered Freeport-McMoRan from a "buy" rating to a "hold" rating and cut their price objective for the company from $48.00 to $40.00 in a research report on Friday. Raymond James boosted their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 23rd. Scotiabank reduced their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating on the stock in a research report on Friday. Finally, JPMorgan Chase & Co. dropped their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating on the stock in a research note on Thursday, January 16th. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $51.46.

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.