Congress Asset Management Co. Sells 20,117 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Congress Asset Management Co. cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 46.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,781 shares of the natural resource company’s stock after selling 20,117 shares during the period. Congress Asset Management Co.’s holdings in Freeport-McMoRan were worth $868,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in FCX. Asset Planning Inc purchased a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $25,000. Laurel Wealth Advisors LLC raised its holdings in Freeport-McMoRan by 487.8% during the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after buying an additional 600 shares during the period. Roxbury Financial LLC bought a new stake in Freeport-McMoRan in the fourth quarter worth $28,000. Godsey & Gibb Inc. boosted its stake in Freeport-McMoRan by 150.4% during the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after buying an additional 346 shares during the period. Finally, Financial Life Planners bought a new position in Freeport-McMoRan during the fourth quarter valued at $36,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 0.5 %

NYSE:FCX opened at $39.27 on Wednesday. The firm has a 50-day simple moving average of $38.77 and a 200-day simple moving average of $42.79. Freeport-McMoRan Inc. has a one year low of $34.89 and a one year high of $55.24. The firm has a market cap of $56.42 billion, a P/E ratio of 30.44, a P/E/G ratio of 0.81 and a beta of 1.85. 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 (NYSE:FCX) last issued its quarterly earnings data 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 return on equity of 7.50% and a net margin of 7.42%. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.71 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FCX. Raymond James raised their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. BMO Capital Markets dropped their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Jefferies Financial Group cut Freeport-McMoRan from a “buy” rating to a “hold” rating and dropped their price objective for the company from $48.00 to $40.00 in a report on Friday, January 24th. Finally, Scotiabank reduced their target price on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock 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. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $51.46.

Freeport-McMoRan 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.