Freeport-McMoRan Inc. (NYSE:FCX) Stock Position Lessened by Dakota Wealth Management

Dakota Wealth Management trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.2% during the fourth quarter, Holdings Channel.com reports. The firm owned 88,156 shares of the natural resource company’s stock after selling 3,899 shares during the quarter. Dakota Wealth Management’s holdings in Freeport-McMoRan were worth $3,357,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Matrix Trust Co acquired a new position in Freeport-McMoRan during the 3rd quarter valued at about $25,000. University of Texas Texas AM Investment Management Co. bought a new position in shares of Freeport-McMoRan in the second quarter valued at approximately $27,000. Godsey & Gibb Inc. increased its stake in shares of Freeport-McMoRan by 150.4% during the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 346 shares during the period. Laurel Wealth Advisors LLC raised its holdings 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 in the last quarter. Finally, Continuum Advisory LLC lifted its position in Freeport-McMoRan by 46.8% in 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. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. JPMorgan Chase & Co. dropped their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Scotiabank dropped their target price on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a report on Monday, January 6th. Jefferies Financial Group reduced their target price on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average target price of $52.42.

Freeport-McMoRan Stock Down 3.1 %

FCX stock opened at $39.07 on Thursday. The stock has a market capitalization of $56.14 billion, a price-to-earnings ratio of 28.52, a price-to-earnings-growth ratio of 2.30 and a beta of 1.87. The company has a 50-day moving average of $41.01 and a two-hundred day moving average of $44.08. Freeport-McMoRan Inc. has a 52-week low of $36.26 and a 52-week high of $55.24. 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 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 firm had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.39 EPS. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.43 EPS for the current year.

Freeport-McMoRan 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.