Calamos Advisors LLC reduced its position in Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 39.4% during the fourth quarter, HoldingsChannel reports. The firm owned 673,307 shares of the natural resource company’s stock after selling 438,255 shares during the period. Calamos Advisors LLC’s holdings in Freeport-McMoRan were worth $25,640,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of FCX. Matrix Trust Co purchased a new position in Freeport-McMoRan during the 3rd quarter valued at about $25,000. Godsey & Gibb Inc. boosted its position in Freeport-McMoRan by 150.4% during the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock valued at $29,000 after buying an additional 346 shares during the period. Laurel Wealth Advisors LLC grew its position in shares of Freeport-McMoRan by 487.8% in the 4th 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 last quarter. Continuum Advisory LLC raised its stake in Freeport-McMoRan by 46.8% in the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after buying an additional 236 shares in the last quarter. Finally, Wolff Wiese Magana LLC grew its holdings in Freeport-McMoRan by 214.4% in the third quarter. Wolff Wiese Magana LLC now owns 849 shares of the natural resource company’s stock worth $42,000 after purchasing an additional 579 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.
Freeport-McMoRan Price Performance
Shares of NYSE FCX opened at $35.86 on Tuesday. Freeport-McMoRan Inc. has a 52 week low of $34.89 and a 52 week high of $55.24. The stock has a market cap of $51.53 billion, a price-to-earnings ratio of 27.80, a PEG ratio of 0.85 and a beta of 1.85. The company’s 50-day moving average price is $39.89 and its 200 day moving average price is $43.28. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31.
Analyst Ratings Changes
A number of equities analysts have weighed in on FCX shares. BMO Capital Markets decreased their target price 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. JPMorgan Chase & Co. lowered their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Jefferies Financial Group cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and cut their target price for the company from $48.00 to $40.00 in a research note on Friday, January 24th. Finally, Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday. Nine analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $51.46.
View Our Latest Analysis on Freeport-McMoRan
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.
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