Aire Advisors LLC Reduces Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Aire Advisors LLC reduced its position in Freeport-McMoRan Inc. (NYSE:FCX) by 31.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 5,363 shares of the natural resource company’s stock after selling 2,449 shares during the period. Aire Advisors LLC’s holdings in Freeport-McMoRan were worth $204,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Potentia Wealth purchased a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $640,000. Signature Estate & Investment Advisors LLC raised its position in Freeport-McMoRan by 9.8% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 463,394 shares of the natural resource company’s stock worth $17,646,000 after acquiring an additional 41,172 shares during the last quarter. Zions Bancorporation N.A. increased its position in Freeport-McMoRan by 13.3% during the fourth quarter. Zions Bancorporation N.A. now owns 6,488 shares of the natural resource company’s stock worth $247,000 after buying an additional 762 shares in the last quarter. Princeton Capital Management LLC increased its position in Freeport-McMoRan by 2.6% during the 4th quarter. Princeton Capital Management LLC now owns 25,705 shares of the natural resource company’s stock worth $979,000 after purchasing an additional 660 shares in the last quarter. Finally, Syntax Research Inc. grew its position in shares of Freeport-McMoRan by 15.2% in the fourth quarter. Syntax Research Inc. now owns 80,787 shares of the natural resource company’s stock valued at $3,076,000 after purchasing an additional 10,650 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 3.5 %

NYSE FCX opened at $41.66 on Tuesday. 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 52 week low of $33.98 and a 52 week high of $55.24. The stock has a market capitalization of $59.87 billion, a P/E ratio of 32.30, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87. The stock has a fifty day moving average of $38.08 and a 200-day moving average of $41.97.

Freeport-McMoRan (NYSE:FCX) last issued its 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%. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Analyst Ratings Changes

Several research firms recently commented on FCX. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, March 20th. Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Dbs Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Jefferies Financial Group raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their target price for the company from $40.00 to $48.00 in a research note on Thursday, February 27th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a research note on Thursday, March 6th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.04.

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.