Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Rhumbline Advisers

Rhumbline Advisers lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 1.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 2,409,796 shares of the natural resource company’s stock after selling 37,201 shares during the period. Rhumbline Advisers owned about 0.17% of Freeport-McMoRan worth $91,765,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FCX. Asset Planning Inc acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $25,000. Laurel Wealth Advisors LLC grew its position in Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 600 shares in the last quarter. Godsey & Gibb Inc. increased its stake in Freeport-McMoRan by 150.4% during the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 346 shares during the period. Financial Life Planners acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth about $36,000. Finally, Continuum Advisory LLC boosted its stake in shares of Freeport-McMoRan by 46.8% in the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 236 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

FCX has been the topic of a number of research reports. BMO Capital Markets reduced their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. JPMorgan Chase & Co. reduced their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Scotiabank lowered their target price on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research note on Friday, January 24th. Jefferies Financial Group lowered Freeport-McMoRan from a “buy” rating to a “hold” rating and reduced their price target for the company from $48.00 to $40.00 in a research report on Friday, January 24th. Finally, Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Nine research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.46.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $39.46 on Friday. Freeport-McMoRan Inc. has a 12 month low of $34.89 and a 12 month high of $55.24. The firm has a market capitalization of $56.69 billion, a P/E ratio of 30.59, a P/E/G ratio of 0.81 and a beta of 1.85. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The company’s fifty day moving average price is $38.93 and its 200 day moving average price is $42.86.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results 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 return on equity of 7.50% and a net margin of 7.42%. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.71 earnings per share for the current fiscal year.

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.