Cape ANN Savings Bank Sells 311 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Cape ANN Savings Bank trimmed its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,584 shares of the natural resource company’s stock after selling 311 shares during the quarter. Cape ANN Savings Bank’s holdings in Freeport-McMoRan were worth $555,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Private Advisor Group LLC grew its stake in Freeport-McMoRan by 1.1% in the 3rd quarter. Private Advisor Group LLC now owns 77,315 shares of the natural resource company’s stock valued at $3,860,000 after buying an additional 842 shares during the last quarter. International Assets Investment Management LLC grew its position in shares of Freeport-McMoRan by 5,249.5% in the third quarter. International Assets Investment Management LLC now owns 1,341,335 shares of the natural resource company’s stock valued at $66,959,000 after purchasing an additional 1,316,261 shares during the last quarter. Ballentine Partners LLC increased its stake in shares of Freeport-McMoRan by 1.8% during the third quarter. Ballentine Partners LLC now owns 16,575 shares of the natural resource company’s stock worth $827,000 after purchasing an additional 291 shares during the period. Allworth Financial LP increased its stake in shares of Freeport-McMoRan by 7.3% during the third quarter. Allworth Financial LP now owns 7,336 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 500 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Freeport-McMoRan by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 202,440 shares of the natural resource company’s stock worth $10,393,000 after purchasing an additional 35,972 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FCX has been the topic of a number of research reports. Sanford C. Bernstein lowered 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. BMO Capital Markets lowered 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 report on Friday, January 24th. JPMorgan Chase & Co. dropped their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Finally, Jefferies Financial Group downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and dropped their price target for the company from $48.00 to $40.00 in a research report on Friday, January 24th. Nine research analysts have rated the stock with a hold rating, six have assigned 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 a consensus target price of $51.46.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $36.97 on Monday. Freeport-McMoRan Inc. has a twelve month low of $34.89 and a twelve month high of $55.24. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The business has a fifty day simple moving average of $38.53 and a 200 day simple moving average of $42.75. The company has a market cap of $53.13 billion, a P/E ratio of 28.66, a P/E/G ratio of 0.87 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

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.