Summit Global Investments Sells 70,109 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Summit Global Investments reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 91.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,384 shares of the natural resource company’s stock after selling 70,109 shares during the period. Summit Global Investments’ holdings in Freeport-McMoRan were worth $243,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of FCX. Semanteon Capital Management LP increased its holdings in shares of Freeport-McMoRan by 114.8% in the fourth quarter. Semanteon Capital Management LP now owns 33,621 shares of the natural resource company’s stock worth $1,280,000 after purchasing an additional 17,967 shares during the last quarter. Palogic Value Management L.P. raised its holdings in shares of Freeport-McMoRan by 1.5% during the 4th quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company’s stock worth $772,000 after acquiring an additional 292 shares in the last quarter. Holderness Investments Co. boosted its position in shares of Freeport-McMoRan by 22.7% during the 4th quarter. Holderness Investments Co. now owns 10,578 shares of the natural resource company’s stock valued at $403,000 after acquiring an additional 1,958 shares during the last quarter. Whittier Trust Co. grew its holdings in shares of Freeport-McMoRan by 18.5% in the fourth quarter. Whittier Trust Co. now owns 5,770 shares of the natural resource company’s stock valued at $220,000 after purchasing an additional 899 shares in the last quarter. Finally, Blueshift Asset Management LLC bought a new stake in Freeport-McMoRan in the fourth quarter worth $406,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 3.5 %

Shares of FCX opened at $43.08 on Wednesday. The firm has a market capitalization of $61.91 billion, a price-to-earnings ratio of 33.40, a PEG ratio of 0.87 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. Freeport-McMoRan Inc. has a 1-year low of $33.98 and a 1-year high of $55.24. The company has a 50-day moving average of $38.15 and a 200 day moving average of $42.00.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share 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, research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on FCX. JPMorgan Chase & Co. upgraded shares of Freeport-McMoRan from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $48.00 to $52.00 in a research report on Thursday, March 20th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research report on Thursday, March 6th. BMO Capital Markets decreased their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Dbs Bank raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Finally, Jefferies Financial Group raised Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their target price for the company from $40.00 to $48.00 in a research report on Thursday, February 27th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price 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.