Summit Global Investments Sells 70,109 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Summit Global Investments cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 91.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,384 shares of the natural resource company’s stock after selling 70,109 shares during the period. Summit Global Investments’ holdings in Freeport-McMoRan were worth $243,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of FCX. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Freeport-McMoRan by 240.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 80,000 shares of the natural resource company’s stock worth $3,994,000 after purchasing an additional 56,475 shares in the last quarter. Great Valley Advisor Group Inc. acquired a new position in shares of Freeport-McMoRan during the third quarter worth $282,000. Cerity Partners LLC lifted its holdings in shares of Freeport-McMoRan by 66.1% during the 3rd quarter. Cerity Partners LLC now owns 176,102 shares of the natural resource company’s stock valued at $8,791,000 after purchasing an additional 70,097 shares during the last quarter. Larson Financial Group LLC boosted its position in shares of Freeport-McMoRan by 14.6% in the 3rd quarter. Larson Financial Group LLC now owns 2,252 shares of the natural resource company’s stock worth $112,000 after purchasing an additional 287 shares in the last quarter. Finally, Summit Trail Advisors LLC grew its stake in Freeport-McMoRan by 24.7% during the 3rd quarter. Summit Trail Advisors LLC now owns 11,254 shares of the natural resource company’s stock worth $562,000 after buying an additional 2,226 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. upgraded Freeport-McMoRan from a “neutral” rating to an “overweight” rating and increased their price target for the company from $48.00 to $52.00 in a research note on Thursday, March 20th. Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Dbs Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research note on Thursday, March 6th. Finally, Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their target price for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.04.

Freeport-McMoRan Stock Up 3.5 %

Shares of FCX opened at $43.08 on Wednesday. The company has a market capitalization of $61.91 billion, a price-to-earnings ratio of 33.40, a PEG ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a 52 week low of $33.98 and a 52 week high of $55.24. The stock’s 50-day moving average price is $38.15 and its 200-day moving average price is $42.00. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. On average, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 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.