Handelsbanken Fonder AB Reduces Position in Freeport-McMoRan Inc. (NYSE:FCX)

Handelsbanken Fonder AB lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 10.6% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 603,398 shares of the natural resource company’s stock after selling 71,595 shares during the period. Handelsbanken Fonder AB’s holdings in Freeport-McMoRan were worth $22,977,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Asset Planning Inc purchased a new stake in Freeport-McMoRan in the 4th quarter valued at $25,000. Laurel Wealth Advisors LLC increased its stake in Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 600 shares during the period. Roxbury Financial LLC acquired a new position in Freeport-McMoRan in the fourth quarter valued at $28,000. Continuum Advisory LLC boosted its stake in shares of Freeport-McMoRan by 46.8% during the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after buying an additional 236 shares during the period. Finally, FSA Wealth Management LLC purchased a new position in shares of Freeport-McMoRan during the third quarter worth about $46,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on FCX shares. Jefferies Financial Group downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating and reduced their price objective for the company from $48.00 to $40.00 in a research note on Friday, January 24th. Scotiabank decreased their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Friday, January 24th. BMO Capital Markets cut their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. 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 report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Nine equities research analysts have rated the stock with a hold rating, six have issued 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 Trading Up 1.0 %

Shares of Freeport-McMoRan stock opened at $38.95 on Friday. The business has a 50 day moving average price of $38.62 and a 200 day moving average price of $42.74. The company has a market capitalization of $55.97 billion, a P/E ratio of 30.20, a P/E/G ratio of 0.88 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. Freeport-McMoRan Inc. has a 1 year low of $34.89 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share 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%. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS 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.