Primecap Management Co. CA Sells 270,314 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Primecap Management Co. CA lowered its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 8.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,958,786 shares of the natural resource company’s stock after selling 270,314 shares during the period. Primecap Management Co. CA owned about 0.21% of Freeport-McMoRan worth $112,671,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in FCX. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Freeport-McMoRan by 240.1% in 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 acquiring an additional 56,475 shares during the last quarter. AMG National Trust Bank lifted its stake in shares of Freeport-McMoRan by 10.2% during the 3rd quarter. AMG National Trust Bank now owns 6,018 shares of the natural resource company’s stock worth $300,000 after buying an additional 558 shares during the last quarter. Meeder Advisory Services Inc. lifted its stake in shares of Freeport-McMoRan by 0.9% during the 3rd quarter. Meeder Advisory Services Inc. now owns 32,339 shares of the natural resource company’s stock worth $1,614,000 after buying an additional 298 shares during the last quarter. Prospera Financial Services Inc lifted its stake in shares of Freeport-McMoRan by 15.6% during the 3rd quarter. Prospera Financial Services Inc now owns 71,497 shares of the natural resource company’s stock worth $3,569,000 after buying an additional 9,648 shares during the last quarter. Finally, Princeton Capital Management LLC increased its position in Freeport-McMoRan by 4.4% during the third quarter. Princeton Capital Management LLC now owns 25,045 shares of the natural resource company’s stock worth $1,250,000 after acquiring an additional 1,065 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.8 %

FCX opened at $39.82 on Wednesday. The stock has a market cap of $57.23 billion, a PE ratio of 30.87, a P/E/G ratio of 0.87 and a beta of 1.87. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 52 week low of $33.98 and a 52 week high of $55.24. The business’s fifty day simple moving average is $37.97 and its 200 day simple moving average is $42.01.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 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, research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently commented on FCX shares. StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Wednesday, March 12th. Scotiabank decreased 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, January 24th. Dbs Bank raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. JPMorgan Chase & Co. decreased their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Finally, Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.75.

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.