AGF Management Ltd. Trims Position in Freeport-McMoRan Inc. (NYSE:FCX)

AGF Management Ltd. decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 56.2% during the 4th quarter, HoldingsChannel reports. The fund owned 5,340 shares of the natural resource company’s stock after selling 6,851 shares during the quarter. AGF Management Ltd.’s holdings in Freeport-McMoRan were worth $203,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Prospera Private Wealth LLC boosted its holdings in Freeport-McMoRan by 4.4% in the 3rd quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock valued at $277,000 after purchasing an additional 234 shares during the last quarter. Continuum Advisory LLC raised its position in shares of Freeport-McMoRan by 46.8% during the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after buying an additional 236 shares during the period. PFG Investments LLC lifted its holdings in Freeport-McMoRan by 1.3% in the fourth quarter. PFG Investments LLC now owns 22,910 shares of the natural resource company’s stock valued at $872,000 after acquiring an additional 283 shares during the last quarter. Larson Financial Group LLC grew its position in Freeport-McMoRan by 14.6% in the third quarter. Larson Financial Group LLC now owns 2,252 shares of the natural resource company’s stock worth $112,000 after acquiring an additional 287 shares during the period. Finally, Meeder Advisory Services Inc. increased its stake in Freeport-McMoRan by 0.9% during the third quarter. Meeder Advisory Services Inc. now owns 32,339 shares of the natural resource company’s stock worth $1,614,000 after acquiring an additional 298 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 3.5 %

Shares of Freeport-McMoRan stock opened at $38.91 on Friday. The company’s fifty day moving average is $37.93 and its two-hundred day moving average is $42.09. Freeport-McMoRan Inc. has a 1 year low of $33.98 and a 1 year high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The company has a market capitalization of $55.91 billion, a P/E ratio of 30.16, a PEG ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

FCX has been the topic of several research analyst reports. Scotiabank reduced their price objective on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a report on Friday, January 24th. Dbs Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Jefferies Financial Group upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their target price for the company from $40.00 to $48.00 in a report on Thursday, February 27th. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Finally, StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Wednesday. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $51.75.

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.