Mediolanum International Funds Ltd Reduces Position in Freeport-McMoRan Inc. (NYSE:FCX)

Mediolanum International Funds Ltd decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 54.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 121,462 shares of the natural resource company's stock after selling 143,063 shares during the quarter. Mediolanum International Funds Ltd's holdings in Freeport-McMoRan were worth $4,624,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of FCX. OLD National Bancorp IN raised its stake in shares of Freeport-McMoRan by 9.8% during the fourth quarter. OLD National Bancorp IN now owns 9,913 shares of the natural resource company's stock valued at $377,000 after acquiring an additional 887 shares during the last quarter. DMC Group LLC raised its position in Freeport-McMoRan by 4.7% during the 4th quarter. DMC Group LLC now owns 7,903 shares of the natural resource company's stock worth $301,000 after purchasing an additional 352 shares during the last quarter. Baader Bank Aktiengesellschaft bought a new position in Freeport-McMoRan during the 4th quarter worth $324,000. Foster Victor Wealth Advisors LLC grew its position in shares of Freeport-McMoRan by 17.9% in the 4th quarter. Foster Victor Wealth Advisors LLC now owns 297,725 shares of the natural resource company's stock valued at $11,975,000 after buying an additional 45,289 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $206,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on FCX shares. Scotiabank cut their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating on the stock in a research note on Friday, January 24th. Jefferies Financial Group downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating and dropped their price target for the stock from $48.00 to $40.00 in a research report on Friday, January 24th. BMO Capital Markets decreased their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating for the company in a research report on Friday, January 24th. Raymond James boosted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. lowered their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating for the company in a research report on Thursday, January 16th. Nine analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $51.46.

Freeport-McMoRan Stock Down 2.3 %

FCX stock traded down $0.83 during midday trading on Friday, reaching $35.81. 13,384,377 shares of the company's stock traded hands, compared to its average volume of 13,272,459. Freeport-McMoRan Inc. has a 52 week low of $35.46 and a 52 week high of $55.24. The company has a market cap of $51.46 billion, a price-to-earnings ratio of 27.76, a P/E/G ratio of 0.86 and a beta of 1.87. The firm's fifty day moving average price is $40.06 and its 200-day moving average price is $43.39. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced 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 net margin of 7.42% and a return on equity of 7.50%. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.75 earnings per share 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.