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

MinichMacGregor Wealth Management LLC cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 6.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,017 shares of the natural resource company’s stock after selling 654 shares during the period. MinichMacGregor Wealth Management LLC’s holdings in Freeport-McMoRan were worth $381,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Fisher Asset Management LLC grew its holdings in shares of Freeport-McMoRan by 2.4% during the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after purchasing an additional 1,392,494 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Freeport-McMoRan by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock valued at $1,436,455,000 after purchasing an additional 529,099 shares during the period. Franklin Resources Inc. grew its stake in Freeport-McMoRan by 9.5% during the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock worth $1,348,522,000 after buying an additional 2,366,187 shares during the last quarter. Mountaineer Partners Management LLC lifted its stake in Freeport-McMoRan by 4,767.8% in the third quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock valued at $595,702,000 after buying an additional 11,687,982 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in Freeport-McMoRan by 0.5% in the second quarter. Legal & General Group Plc now owns 10,343,109 shares of the natural resource company’s stock valued at $502,675,000 after buying an additional 56,499 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $39.07 on Thursday. The firm’s fifty day simple moving average is $41.01 and its 200-day simple moving average is $44.08. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The stock has a market cap of $56.14 billion, a PE ratio of 28.52, a price-to-earnings-growth ratio of 2.44 and a beta of 1.87. Freeport-McMoRan Inc. has a fifty-two week low of $36.26 and a fifty-two week high of $55.24.

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

Wall Street Analyst Weigh In

FCX has been the topic of a number of recent research reports. JPMorgan Chase & Co. cut their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Jefferies Financial Group lowered their price target on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, January 6th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Finally, Raymond James lifted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.