Royal Fund Management LLC Reduces Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Royal Fund Management LLC cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 48.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 27,400 shares of the natural resource company’s stock after selling 26,200 shares during the quarter. Royal Fund Management LLC’s holdings in Freeport-McMoRan were worth $1,043,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FCX. AE Wealth Management LLC grew its stake in Freeport-McMoRan by 17.9% in the second quarter. AE Wealth Management LLC now owns 22,093 shares of the natural resource company’s stock worth $1,074,000 after purchasing an additional 3,353 shares during the period. Summit Trail Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 50.5% during the 2nd quarter. Summit Trail Advisors LLC now owns 9,028 shares of the natural resource company’s stock valued at $439,000 after buying an additional 3,030 shares in the last quarter. ProShare Advisors LLC grew its position in shares of Freeport-McMoRan by 4.5% in the 2nd quarter. ProShare Advisors LLC now owns 238,185 shares of the natural resource company’s stock worth $11,576,000 after buying an additional 10,276 shares during the period. Frank Rimerman Advisors LLC bought a new position in shares of Freeport-McMoRan in the 2nd quarter worth about $547,000. Finally, Mount Yale Investment Advisors LLC lifted its position in Freeport-McMoRan by 82.7% during the 2nd quarter. Mount Yale Investment Advisors LLC now owns 10,775 shares of the natural resource company’s stock valued at $524,000 after acquiring an additional 4,878 shares during the period. Institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on FCX shares. Raymond James upped their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Scotiabank reduced their price objective on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research report on Monday, January 6th. JPMorgan Chase & Co. dropped 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. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Seven 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 company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $52.42.

Freeport-McMoRan Stock Up 0.2 %

FCX opened at $40.32 on Wednesday. The stock has a market capitalization of $57.93 billion, a price-to-earnings ratio of 29.43, a PEG ratio of 2.21 and a beta of 1.87. The firm has a 50 day moving average price of $41.09 and a 200-day moving average price of $44.12. Freeport-McMoRan Inc. has a twelve month low of $36.26 and a twelve month high of $55.24. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The business had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.39 EPS. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.47 earnings per share for the current year.

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.