Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Mattern Wealth Management LLC

Mattern Wealth Management LLC trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,445 shares of the natural resource company’s stock after selling 718 shares during the quarter. Mattern Wealth Management LLC’s holdings in Freeport-McMoRan were worth $779,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Matrix Trust Co purchased a new position in Freeport-McMoRan in the third quarter valued at $25,000. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Freeport-McMoRan during the second quarter worth about $27,000. Laurel Wealth Advisors LLC increased its stake in shares of Freeport-McMoRan by 487.8% during the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after buying an additional 600 shares during the period. Godsey & Gibb Inc. lifted its stake in Freeport-McMoRan by 150.4% in the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 346 shares during the last quarter. Finally, Continuum Advisory LLC increased its holdings in 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 buying an additional 236 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on FCX shares. BMO Capital Markets cut their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. JPMorgan Chase & Co. reduced their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Scotiabank lowered 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. Finally, Jefferies Financial Group lowered Freeport-McMoRan from a “buy” rating to a “hold” rating and lowered their target price for the company from $48.00 to $40.00 in a report on Friday. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average target price of $51.46.

Freeport-McMoRan Price Performance

FCX opened at $36.67 on Tuesday. The company’s 50 day simple moving average is $40.67 and its 200-day simple moving average is $43.74. The stock has a market capitalization of $52.70 billion, a P/E ratio of 26.77, a price-to-earnings-growth ratio of 2.39 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. Freeport-McMoRan Inc. has a one year low of $36.26 and a one year high of $55.24.

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