Private Advisor Group LLC Cuts Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Private Advisor Group LLC cut its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 9.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 70,017 shares of the natural resource company's stock after selling 7,298 shares during the quarter. Private Advisor Group LLC's holdings in Freeport-McMoRan were worth $2,666,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in FCX. Asset Planning Inc bought a new stake in shares of Freeport-McMoRan in the fourth quarter worth $25,000. Laurel Wealth Advisors LLC lifted its holdings in Freeport-McMoRan by 487.8% during the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company's stock worth $28,000 after buying an additional 600 shares during the period. Roxbury Financial LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter valued at about $28,000. Financial Life Planners acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $36,000. Finally, Continuum Advisory LLC raised its position in shares of Freeport-McMoRan by 46.8% during the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company's stock worth $37,000 after acquiring an additional 236 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Down 1.3 %

Shares of NYSE:FCX traded down $0.51 during trading on Friday, reaching $36.92. 14,775,265 shares of the stock were exchanged, compared to its average volume of 14,535,975. Freeport-McMoRan Inc. has a 1-year low of $34.89 and a 1-year high of $55.24. The stock has a fifty day moving average of $38.35 and a two-hundred day moving average of $42.62. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The firm has a market cap of $53.05 billion, a price-to-earnings 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 issued its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently commented on FCX. JPMorgan Chase & Co. reduced their target price on Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating on the stock in a report on Thursday, January 16th. Jefferies Financial Group raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and upped their price objective for the company from $40.00 to $48.00 in a research note on Thursday. Argus downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, January 31st. Sanford C. Bernstein cut shares of Freeport-McMoRan from an "outperform" rating to a "market perform" rating and cut their price target for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Finally, BMO Capital Markets decreased their price target on Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating for the company in a report on Friday, January 24th. Eight 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, the company currently has an average rating of "Moderate Buy" and an average target price of $52.04.

About Freeport-McMoRan

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.