State of Alaska Department of Revenue Has $6.24 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

State of Alaska Department of Revenue cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.6% in the 4th quarter, Holdings Channel reports. The institutional investor owned 163,820 shares of the natural resource company’s stock after selling 6,090 shares during the quarter. State of Alaska Department of Revenue’s holdings in Freeport-McMoRan were worth $6,238,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Brookstone Capital Management grew its holdings in Freeport-McMoRan by 53.8% during the 3rd quarter. Brookstone Capital Management now owns 13,044 shares of the natural resource company’s stock worth $651,000 after acquiring an additional 4,565 shares during the last quarter. Daymark Wealth Partners LLC lifted its holdings in shares of Freeport-McMoRan by 5.8% during the third quarter. Daymark Wealth Partners LLC now owns 9,274 shares of the natural resource company’s stock worth $463,000 after purchasing an additional 510 shares during the period. Marcum Wealth LLC grew its stake in shares of Freeport-McMoRan by 15.5% in the third quarter. Marcum Wealth LLC now owns 12,707 shares of the natural resource company’s stock worth $634,000 after purchasing an additional 1,708 shares during the last quarter. Cypress Wealth Services LLC acquired a new stake in Freeport-McMoRan in the third quarter valued at $309,000. Finally, LifePro Asset Management raised its position in Freeport-McMoRan by 2.5% during the 3rd quarter. LifePro Asset Management now owns 15,236 shares of the natural resource company’s stock worth $761,000 after purchasing an additional 377 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on FCX. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Jefferies Financial Group downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and dropped their price target for the stock from $48.00 to $40.00 in a research report on Friday, January 24th. JPMorgan Chase & Co. decreased their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Finally, Raymond James boosted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Nine equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.46.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $38.27 on Friday. Freeport-McMoRan Inc. has a one year low of $34.89 and a one year high of $55.24. The company has a market cap of $54.98 billion, a PE ratio of 29.66, a P/E/G ratio of 0.85 and a beta of 1.85. The stock has a 50-day moving average of $39.36 and a 200-day moving average of $43.07. 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 (NYSE:FCX) last announced its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 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%. On average, equities research analysts predict that Freeport-McMoRan Inc. will post 1.75 EPS 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.