Handelsbanken Fonder AB Lowers Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Handelsbanken Fonder AB trimmed its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 10.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 603,398 shares of the natural resource company’s stock after selling 71,595 shares during the period. Handelsbanken Fonder AB’s holdings in Freeport-McMoRan were worth $22,977,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Sanctuary Advisors LLC raised its position in Freeport-McMoRan by 9.7% in the third quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock valued at $8,219,000 after purchasing an additional 14,501 shares during the period. Easterly Investment Partners LLC raised its holdings in shares of Freeport-McMoRan by 137.5% in the 3rd quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock valued at $7,375,000 after buying an additional 85,542 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at $754,000. Summit Global Investments lifted its stake in Freeport-McMoRan by 1,559.3% during the 3rd quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock worth $3,819,000 after acquiring an additional 71,883 shares in the last quarter. Finally, AIA Group Ltd boosted its holdings in Freeport-McMoRan by 16.2% during the 3rd quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock valued at $4,604,000 after acquiring an additional 12,887 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Up 1.0 %

FCX opened at $38.95 on Friday. 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 one year low of $34.89 and a one year high of $55.24. The company has a market cap of $55.97 billion, a P/E ratio of 30.20, a PEG ratio of 0.88 and a beta of 1.85. The business’s 50-day simple moving average is $38.62 and its 200-day simple moving average is $42.74.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate 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 1.68 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FCX. BMO Capital Markets cut their price target 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. Scotiabank cut 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 research note on Friday, January 24th. Jefferies Financial Group cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and decreased their price target for the company from $48.00 to $40.00 in a research report on Friday, January 24th. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. decreased their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Nine analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $51.46.

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.