GoalVest Advisory LLC Cuts Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

GoalVest Advisory LLC trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,871 shares of the natural resource company’s stock after selling 500 shares during the period. GoalVest Advisory LLC’s holdings in Freeport-McMoRan were worth $947,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of FCX. Sanctuary Advisors LLC raised its stake in Freeport-McMoRan by 9.7% in the third quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock valued at $8,219,000 after buying an additional 14,501 shares during the last quarter. Easterly Investment Partners LLC grew its position in shares of Freeport-McMoRan by 137.5% in the third quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock valued at $7,375,000 after purchasing an additional 85,542 shares during the period. Summit Global Investments boosted its stake in shares of Freeport-McMoRan by 1,559.3% in the third quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock worth $3,819,000 after acquiring an additional 71,883 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Freeport-McMoRan during the third quarter worth approximately $754,000. Finally, AIA Group Ltd lifted its holdings in Freeport-McMoRan by 16.2% in the third quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock valued at $4,604,000 after acquiring an additional 12,887 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on FCX shares. Jefferies Financial Group reduced their price objective on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Scotiabank reduced their price objective on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a report on Monday, January 6th. Raymond James boosted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Finally, StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $52.42.

Freeport-McMoRan Stock Down 3.1 %

Freeport-McMoRan stock opened at $39.07 on Thursday. The company has a market capitalization of $56.14 billion, a P/E ratio of 28.52, a P/E/G ratio of 2.44 and a beta of 1.87. Freeport-McMoRan Inc. has a twelve month low of $36.26 and a twelve month high of $55.24. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The firm has a 50 day moving average price of $41.01 and a 200-day moving average price of $44.08.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. The business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. Freeport-McMoRan’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period last year, the company earned $0.39 EPS. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.43 EPS for the current 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.