Oxbow Advisors LLC Lowers Position in Freeport-McMoRan Inc. (NYSE:FCX)

Oxbow Advisors LLC cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 12.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,678 shares of the natural resource company’s stock after selling 969 shares during the period. Oxbow Advisors LLC’s holdings in Freeport-McMoRan were worth $254,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Asset Planning Inc purchased a new position in Freeport-McMoRan during the fourth quarter valued at $25,000. Laurel Wealth Advisors LLC lifted its position in Freeport-McMoRan by 487.8% during the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 600 shares in the last quarter. Roxbury Financial LLC purchased a new position in Freeport-McMoRan during the fourth quarter valued at $28,000. Financial Life Planners bought a new stake in Freeport-McMoRan during the fourth quarter valued at about $36,000. Finally, Continuum Advisory LLC raised its holdings in Freeport-McMoRan by 46.8% during the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after acquiring an additional 236 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on FCX shares. JPMorgan Chase & Co. decreased 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 decreased their price target on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Jefferies Financial Group cut Freeport-McMoRan from a “buy” rating to a “hold” rating and decreased their price target for the company from $48.00 to $40.00 in a report on Friday, January 24th. Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Finally, Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Nine research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $51.46.

Freeport-McMoRan Trading Down 5.1 %

Shares of NYSE FCX opened at $36.97 on Friday. Freeport-McMoRan Inc. has a 1-year low of $34.89 and a 1-year high of $55.24. The business’s 50 day moving average is $38.53 and its two-hundred day moving average is $42.72. The stock has a market capitalization of $53.13 billion, a P/E ratio of 28.66, a PEG ratio of 0.87 and a beta of 1.85. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18.

Freeport-McMoRan (NYSE:FCX) 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, research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS 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.