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

Byrne Asset Management LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 5.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,325 shares of the natural resource company’s stock after selling 1,080 shares during the period. Byrne Asset Management LLC’s holdings in Freeport-McMoRan were worth $736,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brookstone Capital Management raised its holdings in shares of Freeport-McMoRan by 53.8% during the third quarter. Brookstone Capital Management now owns 13,044 shares of the natural resource company’s stock valued at $651,000 after acquiring an additional 4,565 shares in the last quarter. Daymark Wealth Partners LLC grew its position in shares of Freeport-McMoRan by 5.8% in the 3rd quarter. Daymark Wealth Partners LLC now owns 9,274 shares of the natural resource company’s stock worth $463,000 after buying an additional 510 shares during the period. Marcum Wealth LLC increased its stake in shares of Freeport-McMoRan by 15.5% during the third quarter. Marcum Wealth LLC now owns 12,707 shares of the natural resource company’s stock valued at $634,000 after purchasing an additional 1,708 shares in the last quarter. Cypress Wealth Services LLC bought a new position in Freeport-McMoRan during the 3rd quarter valued at approximately $309,000. Finally, LifePro Asset Management raised its position in shares of Freeport-McMoRan by 2.5% in the 3rd quarter. LifePro Asset Management now owns 15,236 shares of the natural resource company’s stock worth $761,000 after purchasing an additional 377 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Scotiabank decreased their target price on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research report on Friday, January 24th. BMO Capital Markets decreased their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. JPMorgan Chase & Co. dropped their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Finally, Jefferies Financial Group lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and decreased their target price for the company from $48.00 to $40.00 in a research note on Friday, January 24th. Nine research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $51.46.

Freeport-McMoRan Stock Up 3.0 %

Shares of FCX opened at $38.27 on Friday. The stock’s 50-day moving average price is $39.36 and its 200-day moving average price is $43.07. 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 company has a market capitalization of $54.98 billion, a price-to-earnings ratio of 29.66, a PEG ratio of 0.85 and a beta of 1.85. Freeport-McMoRan Inc. has a 52 week low of $34.89 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate 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 predict that Freeport-McMoRan Inc. will post 1.75 EPS for the current 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.