Fisher Asset Management LLC Reduces Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Fisher Asset Management LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 0.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 59,364,720 shares of the natural resource company’s stock after selling 44,675 shares during the period. Fisher Asset Management LLC owned 4.13% of Freeport-McMoRan worth $2,260,609,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Prospera Private Wealth LLC increased its stake in Freeport-McMoRan by 4.4% in the third quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock valued at $277,000 after purchasing an additional 234 shares during the last quarter. Continuum Advisory LLC boosted its holdings in shares of Freeport-McMoRan by 46.8% in the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after acquiring an additional 236 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in shares of Freeport-McMoRan by 0.5% in the third quarter. Harbor Capital Advisors Inc. now owns 50,431 shares of the natural resource company’s stock valued at $2,518,000 after acquiring an additional 244 shares during the period. Intellectus Partners LLC boosted its holdings in shares of Freeport-McMoRan by 0.4% in the third quarter. Intellectus Partners LLC now owns 71,758 shares of the natural resource company’s stock valued at $3,582,000 after acquiring an additional 256 shares during the period. Finally, Mesirow Financial Investment Management Inc. boosted its holdings in shares of Freeport-McMoRan by 1.8% in the third quarter. Mesirow Financial Investment Management Inc. now owns 15,646 shares of the natural resource company’s stock valued at $781,000 after acquiring an additional 279 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $36.92 on Friday. Freeport-McMoRan Inc. has a one year low of $34.89 and a one year 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. The business has a fifty day moving average of $38.31 and a two-hundred day moving average of $42.59. The company has a market cap of $53.05 billion, a P/E ratio of 28.62, a price-to-earnings-growth ratio of 0.87 and a beta of 1.85.

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, analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FCX. JPMorgan Chase & Co. decreased their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Scotiabank decreased their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, January 24th. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Finally, BMO Capital Markets decreased their price target on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Eight research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $52.04.

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.