D.A. Davidson & CO. Decreases Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

D.A. Davidson & CO. trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 255,671 shares of the natural resource company’s stock after selling 11,121 shares during the period. D.A. Davidson & CO.’s holdings in Freeport-McMoRan were worth $9,736,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of FCX. Creative Planning increased its position in shares of Freeport-McMoRan by 10.6% during the third quarter. Creative Planning now owns 224,277 shares of the natural resource company’s stock valued at $11,196,000 after acquiring an additional 21,584 shares during the last quarter. Blue Trust Inc. grew its holdings in Freeport-McMoRan by 185.2% during the third quarter. Blue Trust Inc. now owns 9,513 shares of the natural resource company’s stock valued at $462,000 after purchasing an additional 6,177 shares during the period. OLD National Bancorp IN grew its holdings in Freeport-McMoRan by 44.3% during the third quarter. OLD National Bancorp IN now owns 9,026 shares of the natural resource company’s stock valued at $451,000 after purchasing an additional 2,770 shares during the period. Godsey & Gibb Inc. grew its holdings in Freeport-McMoRan by 150.4% during 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, Venture Visionary Partners LLC grew its holdings in Freeport-McMoRan by 4.3% during the third quarter. Venture Visionary Partners LLC now owns 12,542 shares of the natural resource company’s stock valued at $626,000 after purchasing an additional 519 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 0.5 %

Shares of FCX stock opened at $39.27 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. Freeport-McMoRan Inc. has a 52-week low of $34.89 and a 52-week high of $55.24. The company has a market capitalization of $56.42 billion, a PE ratio of 30.44, a price-to-earnings-growth ratio of 0.81 and a beta of 1.85. The business’s fifty day moving average is $38.77 and its 200 day moving average is $42.79.

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 return on equity of 7.50% and a net margin of 7.42%. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.71 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on FCX shares. Jefferies Financial Group lowered 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 report on Friday, January 24th. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Scotiabank reduced their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company 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 for the company in a report on Thursday, January 16th. Finally, Raymond James raised their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Nine analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $51.46.

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.