DAVENPORT & Co LLC Has $6.78 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

DAVENPORT & Co LLC lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 5.7% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 178,105 shares of the natural resource company’s stock after selling 10,714 shares during the period. DAVENPORT & Co LLC’s holdings in Freeport-McMoRan were worth $6,782,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Matrix Trust Co acquired a new position in Freeport-McMoRan in the third quarter worth approximately $25,000. 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 last quarter. Laurel Wealth Advisors LLC grew its holdings in Freeport-McMoRan by 487.8% during 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 last quarter. Continuum Advisory LLC grew its holdings in Freeport-McMoRan by 46.8% during the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 236 shares during the last quarter. Finally, Wolff Wiese Magana LLC grew its holdings in Freeport-McMoRan by 214.4% during the third quarter. Wolff Wiese Magana LLC now owns 849 shares of the natural resource company’s stock valued at $42,000 after purchasing an additional 579 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.0 %

Shares of NYSE FCX opened at $35.86 on Tuesday. The stock has a market cap of $51.53 billion, a PE ratio of 27.80, a PEG ratio of 0.85 and a beta of 1.85. The business has a fifty day moving average of $39.89 and a two-hundred day moving average of $43.28. Freeport-McMoRan Inc. has a 52-week low of $34.89 and a 52-week high of $55.24. 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 (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 7.42% and a return on equity of 7.50%. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 1.75 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Scotiabank lowered their price target on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a report on Friday, January 24th. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Argus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday. JPMorgan Chase & Co. lowered their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Finally, BMO Capital Markets lowered their price objective 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, January 24th. Nine research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $51.46.

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.