Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Wrapmanager Inc.

Wrapmanager Inc. lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 9.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,213 shares of the natural resource company’s stock after selling 625 shares during the quarter. Wrapmanager Inc.’s holdings in Freeport-McMoRan were worth $237,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of FCX. Asset Planning Inc acquired a new stake in Freeport-McMoRan during the fourth quarter worth approximately $25,000. Laurel Wealth Advisors LLC raised its stake 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 worth $28,000 after purchasing an additional 600 shares during the period. Roxbury Financial LLC purchased a new position in Freeport-McMoRan during the fourth quarter worth approximately $28,000. Financial Life Planners purchased a new position in Freeport-McMoRan during the fourth quarter worth approximately $36,000. Finally, Continuum Advisory LLC raised its stake in 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 purchasing an additional 236 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on FCX shares. JPMorgan Chase & Co. cut their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Argus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Jefferies Financial Group downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and cut their target price for the company from $48.00 to $40.00 in a research note on Friday, January 24th. Scotiabank dropped their price target on shares of 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, Sanford C. Bernstein downgraded 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. Nine investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.46.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $36.76 on Wednesday. The firm has a market cap of $52.82 billion, a P/E ratio of 28.49, a P/E/G 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 Inc. has a 1-year low of $34.89 and a 1-year high of $55.24. The firm has a fifty day moving average of $38.38 and a two-hundred day moving average of $42.69.

Freeport-McMoRan (NYSE:FCX) last announced 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 return on equity of 7.50% and a net margin of 7.42%. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal 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.