Parkside Investments LLC Has $9.80 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Parkside Investments LLC trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 257,254 shares of the natural resource company’s stock after selling 3,420 shares during the quarter. Freeport-McMoRan comprises 1.5% of Parkside Investments LLC’s portfolio, making the stock its 28th biggest holding. Parkside Investments LLC’s holdings in Freeport-McMoRan were worth $9,796,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Matrix Trust Co acquired a new position in shares of Freeport-McMoRan during the 3rd quarter valued at about $25,000. University of Texas Texas AM Investment Management Co. acquired a new position in Freeport-McMoRan during the second quarter valued at approximately $27,000. Laurel Wealth Advisors LLC raised its position in shares of 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. Godsey & Gibb Inc. raised its position in shares of Freeport-McMoRan by 150.4% in the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 346 shares during the period. Finally, Continuum Advisory LLC boosted its holdings in shares of Freeport-McMoRan by 46.8% during the 3rd 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. 80.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Scotiabank dropped 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 report on Friday. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. BMO Capital Markets decreased their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday. JPMorgan Chase & Co. dropped their price target on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Finally, Jefferies Financial Group cut 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 report on Friday. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average price target of $51.46.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $37.78 on Monday. The business has a 50 day simple moving average of $40.81 and a 200 day simple moving average of $43.85. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The company has a market capitalization of $54.29 billion, a PE ratio of 27.58, a price-to-earnings-growth ratio of 2.39 and a beta of 1.87. Freeport-McMoRan Inc. has a one year low of $36.26 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.42 EPS for the current fiscal year.

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.