QRG Capital Management Inc. Reduces Stake in Freeport-McMoRan Inc. (NYSE:FCX)

QRG Capital Management Inc. lowered its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 1.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 186,621 shares of the natural resource company’s stock after selling 3,661 shares during the quarter. QRG Capital Management Inc.’s holdings in Freeport-McMoRan were worth $7,107,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of FCX. Catalyst Financial Partners LLC lifted its holdings in Freeport-McMoRan by 5.4% in the 3rd quarter. Catalyst Financial Partners LLC now owns 7,085 shares of the natural resource company’s stock worth $354,000 after buying an additional 364 shares during the period. Measured Wealth Private Client Group LLC purchased a new stake in Freeport-McMoRan in the 3rd quarter worth approximately $201,000. Hartford Financial Management Inc. lifted its holdings in Freeport-McMoRan by 9.6% in the 3rd quarter. Hartford Financial Management Inc. now owns 16,878 shares of the natural resource company’s stock worth $843,000 after buying an additional 1,482 shares during the period. Americana Partners LLC lifted its holdings in Freeport-McMoRan by 22.9% in the 3rd quarter. Americana Partners LLC now owns 8,273 shares of the natural resource company’s stock worth $413,000 after buying an additional 1,539 shares during the period. Finally, Capital Advisors Inc. OK raised its position in shares of Freeport-McMoRan by 0.4% in the 3rd quarter. Capital Advisors Inc. OK now owns 785,754 shares of the natural resource company’s stock worth $39,225,000 after acquiring an additional 3,433 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $36.92 on Friday. The business’s fifty day simple moving average is $38.31 and its two-hundred day simple moving average is $42.59. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12 month low of $34.89 and a 12 month high of $55.24. The company has a market cap of $53.05 billion, a price-to-earnings ratio of 28.62, a P/E/G ratio of 0.87 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS 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%. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. decreased their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Scotiabank decreased their target price on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research report on Friday, January 24th. Finally, BMO Capital Markets decreased their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Eight investment 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’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $52.04.

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.