Freeport-McMoRan Inc. (NYSE:FCX) Holdings Cut by Matthews International Capital Management LLC

Matthews International Capital Management LLC decreased its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 64.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 9,963 shares of the natural resource company's stock after selling 18,299 shares during the quarter. Matthews International Capital Management LLC's holdings in Freeport-McMoRan were worth $379,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. AXA S.A. raised its position in Freeport-McMoRan by 101.5% during the 2nd quarter. AXA S.A. now owns 32,814 shares of the natural resource company's stock valued at $1,595,000 after purchasing an additional 16,531 shares in the last quarter. AQR Capital Management LLC raised its position in Freeport-McMoRan by 28.1% during the 2nd quarter. AQR Capital Management LLC now owns 285,529 shares of the natural resource company's stock valued at $13,877,000 after purchasing an additional 62,663 shares in the last quarter. Creative Planning raised its position in Freeport-McMoRan by 28.7% during the 2nd quarter. Creative Planning now owns 202,693 shares of the natural resource company's stock valued at $9,851,000 after purchasing an additional 45,212 shares in the last quarter. Magnolia Capital Advisors LLC raised its position in Freeport-McMoRan by 39.3% during the 2nd quarter. Magnolia Capital Advisors LLC now owns 8,504 shares of the natural resource company's stock valued at $413,000 after purchasing an additional 2,400 shares in the last quarter. Finally, Silver Lake Advisory LLC bought a new stake in Freeport-McMoRan during the 2nd quarter valued at $278,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Scotiabank reduced their price target on Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating for the company in a research report on Friday. Jefferies Financial Group lowered Freeport-McMoRan from a "buy" rating to a "hold" rating and reduced their price target for the stock from $48.00 to $40.00 in a research report on Friday. BMO Capital Markets reduced their price target on Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating for the company in a research report on Friday. Sanford C. Bernstein lowered Freeport-McMoRan from an "outperform" rating to a "market perform" rating and reduced their price target for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Finally, 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. Eight research analysts have rated the stock with a hold rating, seven have assigned 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 price target of $51.46.

Freeport-McMoRan Trading Down 2.4 %

Shares of Freeport-McMoRan stock traded down $0.87 during trading hours on Tuesday, reaching $35.80. 16,838,861 shares of the company's stock were exchanged, compared to its average volume of 14,873,137. Freeport-McMoRan Inc. has a 52-week low of $35.46 and a 52-week high of $55.24. The firm has a market capitalization of $51.45 billion, a price-to-earnings ratio of 26.13, a price-to-earnings-growth ratio of 2.39 and a beta of 1.87. The company has a fifty day moving average of $40.51 and a 200-day moving average of $43.64. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.42 EPS for the current fiscal 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.