GFG Capital LLC Sells 2,000 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

GFG Capital LLC lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 7.9% in the fourth quarter, Holdings Channel.com reports. The fund owned 23,429 shares of the natural resource company’s stock after selling 2,000 shares during the period. GFG Capital LLC’s holdings in Freeport-McMoRan were worth $892,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of the company. Fisher Asset Management LLC raised its holdings in shares of Freeport-McMoRan by 2.4% in the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after buying an additional 1,392,494 shares in the last quarter. Geode Capital Management LLC increased its holdings in Freeport-McMoRan by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock valued at $1,436,455,000 after purchasing an additional 529,099 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Freeport-McMoRan by 9.5% in the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock valued at $1,348,522,000 after buying an additional 2,366,187 shares during the period. Mountaineer Partners Management LLC increased its stake in shares of Freeport-McMoRan by 4,767.8% in the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock valued at $595,702,000 after buying an additional 11,687,982 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Freeport-McMoRan by 1.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 8,223,038 shares of the natural resource company’s stock valued at $410,494,000 after buying an additional 127,251 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $40.28 on Friday. The stock has a market cap of $57.87 billion, a P/E ratio of 31.22, a PEG ratio of 0.81 and a beta of 1.85. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The stock has a 50 day simple moving average of $38.98 and a 200 day simple moving average of $42.90. Freeport-McMoRan Inc. has a 1-year low of $34.89 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced 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%. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.71 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on FCX shares. JPMorgan Chase & Co. dropped their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. BMO Capital Markets reduced their price objective 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. Scotiabank reduced their price target 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. Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Finally, Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Nine investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.46.

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.