Quantum Private Wealth LLC Lowers Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Quantum Private Wealth LLC lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 20,628 shares of the natural resource company’s stock after selling 1,332 shares during the period. Quantum Private Wealth LLC’s holdings in Freeport-McMoRan were worth $786,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in FCX. Exchange Traded Concepts LLC raised its holdings in Freeport-McMoRan by 22.1% during the third quarter. Exchange Traded Concepts LLC now owns 14,998 shares of the natural resource company’s stock worth $749,000 after purchasing an additional 2,716 shares in the last quarter. Creative Planning increased its position in Freeport-McMoRan by 10.6% during the 3rd quarter. Creative Planning now owns 224,277 shares of the natural resource company’s stock worth $11,196,000 after purchasing an additional 21,584 shares during the period. Good Life Advisors LLC acquired a new position in Freeport-McMoRan during the 3rd quarter worth approximately $254,000. Trust Co. of Vermont raised its stake in shares of Freeport-McMoRan by 5.2% during the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after buying an additional 228 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Freeport-McMoRan by 2.0% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 151,341 shares of the natural resource company’s stock valued at $7,555,000 after buying an additional 2,927 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Jefferies Financial Group downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and cut their price target for the company from $48.00 to $40.00 in a report on Friday, January 24th. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Scotiabank dropped their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, January 24th. Finally, 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 research note on Friday, January 24th. 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, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.46.

Freeport-McMoRan Stock Down 1.9 %

Shares of NYSE:FCX opened at $39.46 on Friday. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $56.69 billion, a P/E ratio of 30.59, a P/E/G ratio of 0.81 and a beta of 1.85. Freeport-McMoRan Inc. has a 52-week low of $34.89 and a 52-week high of $55.24. The stock’s fifty day simple moving average is $38.93 and its 200-day simple moving average is $42.86.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.71 earnings per share for the current fiscal year.

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.