Verus Capital Partners LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 14.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 43,609 shares of the natural resource company's stock after selling 7,510 shares during the quarter. Verus Capital Partners LLC's holdings in Freeport-McMoRan were worth $1,661,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in FCX. Asset Planning Inc acquired a new position in shares of Freeport-McMoRan in the 4th quarter worth approximately $25,000. Laurel Wealth Advisors LLC lifted its holdings in shares of Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company's stock worth $28,000 after acquiring an additional 600 shares during the last quarter. Roxbury Financial LLC purchased a new stake in Freeport-McMoRan during the 4th quarter worth approximately $28,000. Financial Life Planners purchased a new stake in Freeport-McMoRan during the 4th quarter worth approximately $36,000. Finally, Continuum Advisory LLC increased its stake in Freeport-McMoRan by 46.8% during the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company's stock worth $37,000 after buying an additional 236 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on FCX. Jefferies Financial Group raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and upped their target price for the stock from $40.00 to $48.00 in a research note on Thursday. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an "outperform" rating to a "market perform" rating and dropped their price objective for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. JPMorgan Chase & Co. dropped their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating on the stock in a research report on Thursday, January 16th. Argus downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Friday, January 31st. Finally, Scotiabank dropped their price objective 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, January 24th. Eight research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and an average target price of $52.04.
Read Our Latest Analysis on Freeport-McMoRan
Freeport-McMoRan Stock Performance
NYSE:FCX traded down $1.42 during trading hours on Monday, reaching $35.49. 18,098,115 shares of the company's stock were exchanged, compared to its average volume of 14,627,199. The firm has a market capitalization of $51.00 billion, a price-to-earnings ratio of 27.51, a P/E/G ratio of 0.87 and a beta of 1.85. The company has a 50-day moving average of $38.23 and a 200 day moving average of $42.54. 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 Inc. has a 1-year low of $34.89 and a 1-year high of $55.24.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.
About Freeport-McMoRan
(
Free Report)
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.
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