DAVENPORT & Co LLC Lowers Position in Freeport-McMoRan Inc. (NYSE:FCX)

DAVENPORT & Co LLC reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 178,105 shares of the natural resource company’s stock after selling 10,714 shares during the quarter. DAVENPORT & Co LLC’s holdings in Freeport-McMoRan were worth $6,782,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of FCX. Matrix Trust Co purchased a new stake in Freeport-McMoRan during the third quarter worth approximately $25,000. Laurel Wealth Advisors LLC grew 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 buying an additional 600 shares during the period. Godsey & Gibb Inc. grew its stake in Freeport-McMoRan by 150.4% during the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after buying an additional 346 shares during the period. Continuum Advisory LLC grew 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 buying an additional 236 shares during the period. Finally, Versant Capital Management Inc grew its stake in Freeport-McMoRan by 194.4% during the fourth quarter. Versant Capital Management Inc now owns 1,042 shares of the natural resource company’s stock worth $40,000 after buying an additional 688 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $35.86 on Tuesday. The firm has a 50-day moving average price of $39.89 and a 200 day moving average price of $43.28. The firm has a market capitalization of $51.53 billion, a PE ratio of 27.80, a P/E/G ratio of 0.85 and a beta of 1.85. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 52-week low of $34.89 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted 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 net margin of 7.42% and a return on equity of 7.50%. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. BMO Capital Markets reduced their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday. Raymond James boosted their target price 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. Finally, Scotiabank reduced their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Friday, January 24th. Nine investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $51.46.

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.