Magnus Financial Group LLC Has $420,000 Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Magnus Financial Group LLC reduced its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 11.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 11,019 shares of the natural resource company’s stock after selling 1,434 shares during the period. Magnus Financial Group LLC’s holdings in Freeport-McMoRan were worth $420,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of FCX. Sanctuary Advisors LLC raised its holdings in shares of Freeport-McMoRan by 9.7% during the third quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock worth $8,219,000 after acquiring an additional 14,501 shares during the period. Easterly Investment Partners LLC increased its holdings in Freeport-McMoRan by 137.5% during the 3rd quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock worth $7,375,000 after purchasing an additional 85,542 shares in the last quarter. Summit Global Investments increased its holdings in Freeport-McMoRan by 1,559.3% during the 3rd quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock worth $3,819,000 after purchasing an additional 71,883 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at about $754,000. Finally, AIA Group Ltd lifted its holdings in shares of Freeport-McMoRan by 16.2% in the third quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock valued at $4,604,000 after purchasing an additional 12,887 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 3.1 %

Freeport-McMoRan stock opened at $39.07 on Thursday. Freeport-McMoRan Inc. has a fifty-two week low of $36.26 and a fifty-two week high of $55.24. The firm has a market capitalization of $56.14 billion, a PE ratio of 28.52, a P/E/G ratio of 2.30 and a beta of 1.87. The company’s 50-day moving average is $41.01 and its 200-day moving average is $44.08. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm had revenue of $6.79 billion for the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter in the previous year, the business earned $0.39 earnings per share. The business’s revenue was up 16.6% compared to the same quarter last year. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.43 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. decreased their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Scotiabank decreased their price target on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research note on Monday, January 6th. Raymond James boosted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Finally, StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $52.42.

Freeport-McMoRan Company 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.