Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Massachusetts Wealth Management

Massachusetts Wealth Management reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 4.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,842 shares of the natural resource company’s stock after selling 400 shares during the period. Massachusetts Wealth Management’s holdings in Freeport-McMoRan were worth $337,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Matrix Trust Co purchased a new position in shares of Freeport-McMoRan during the third quarter worth about $25,000. Godsey & Gibb Inc. increased its position in Freeport-McMoRan by 150.4% during the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after buying an additional 346 shares during the period. Laurel Wealth Advisors LLC lifted its stake in Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after buying an additional 600 shares during the last quarter. Continuum Advisory LLC grew 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. Finally, Wolff Wiese Magana LLC increased its holdings in shares of Freeport-McMoRan by 214.4% in the 3rd quarter. Wolff Wiese Magana LLC now owns 849 shares of the natural resource company’s stock valued at $42,000 after acquiring an additional 579 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 1.8 %

Shares of FCX opened at $36.49 on Wednesday. The firm’s 50-day moving average is $39.75 and its two-hundred day moving average is $43.21. Freeport-McMoRan Inc. has a twelve month low of $34.89 and a twelve month high of $55.24. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $52.43 billion, a P/E ratio of 28.29, a PEG ratio of 0.85 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data 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 net margin of 7.42% and a return on equity of 7.50%. On average, research analysts predict that Freeport-McMoRan Inc. will post 1.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FCX. Jefferies Financial Group cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and decreased their price target for the stock from $48.00 to $40.00 in a research note on Friday, January 24th. JPMorgan Chase & Co. lowered their price target on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. BMO Capital Markets reduced their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Scotiabank lowered their target price 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. Finally, Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Nine investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $51.46.

Freeport-McMoRan 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.