Axxcess Wealth Management LLC Sells 8,352 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Axxcess Wealth Management LLC trimmed its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 34.4% in the 4th quarter, HoldingsChannel.com reports. The fund owned 15,948 shares of the natural resource company’s stock after selling 8,352 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Freeport-McMoRan were worth $607,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of FCX. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Freeport-McMoRan by 240.1% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 80,000 shares of the natural resource company’s stock valued at $3,994,000 after buying an additional 56,475 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Freeport-McMoRan by 4.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 228,860 shares of the natural resource company’s stock valued at $11,425,000 after acquiring an additional 9,153 shares in the last quarter. Jennison Associates LLC lifted its holdings in Freeport-McMoRan by 26.0% in the 3rd quarter. Jennison Associates LLC now owns 312,201 shares of the natural resource company’s stock worth $15,585,000 after purchasing an additional 64,350 shares during the last quarter. Cornerstone Advisors LLC boosted its position in Freeport-McMoRan by 42.5% during the third quarter. Cornerstone Advisors LLC now owns 11,400 shares of the natural resource company’s stock worth $569,000 after purchasing an additional 3,400 shares during the period. Finally, King Luther Capital Management Corp grew its holdings in Freeport-McMoRan by 1.6% during the third quarter. King Luther Capital Management Corp now owns 20,303 shares of the natural resource company’s stock valued at $1,014,000 after purchasing an additional 323 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 1.0 %

NYSE FCX opened at $40.31 on Friday. Freeport-McMoRan Inc. has a 12 month low of $33.98 and a 12 month high of $55.24. The stock has a 50-day simple moving average of $38.03 and a 200 day simple moving average of $41.96. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $57.93 billion, a PE ratio of 31.25, a P/E/G ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last announced 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 net margin of 7.42% and a return on equity of 7.50%. Research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a research note on Thursday, March 6th. Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Jefferies Financial Group raised Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price target for the stock from $40.00 to $48.00 in a research report on Thursday, February 27th. Finally, BMO Capital Markets reduced their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $52.04.

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.