QRG Capital Management Inc. Decreases Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

QRG Capital Management Inc. reduced its position in Freeport-McMoRan Inc. (NYSE:FCX) by 1.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 186,621 shares of the natural resource company’s stock after selling 3,661 shares during the quarter. QRG Capital Management Inc.’s holdings in Freeport-McMoRan were worth $7,107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of FCX. Catalyst Financial Partners LLC increased its position in Freeport-McMoRan by 5.4% in the third quarter. Catalyst Financial Partners LLC now owns 7,085 shares of the natural resource company’s stock worth $354,000 after buying an additional 364 shares during the last quarter. Measured Wealth Private Client Group LLC purchased a new position in shares of Freeport-McMoRan in the third quarter valued at $201,000. Hartford Financial Management Inc. grew its position in shares of Freeport-McMoRan by 9.6% in the third quarter. Hartford Financial Management Inc. now owns 16,878 shares of the natural resource company’s stock valued at $843,000 after purchasing an additional 1,482 shares in the last quarter. Americana Partners LLC grew its position in shares of Freeport-McMoRan by 22.9% in the third quarter. Americana Partners LLC now owns 8,273 shares of the natural resource company’s stock valued at $413,000 after purchasing an additional 1,539 shares in the last quarter. Finally, Capital Advisors Inc. OK grew its position in shares of Freeport-McMoRan by 0.4% in the third quarter. Capital Advisors Inc. OK now owns 785,754 shares of the natural resource company’s stock valued at $39,225,000 after purchasing an additional 3,433 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FCX. JPMorgan Chase & Co. reduced their price target on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Jefferies Financial Group upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price target for the company from $40.00 to $48.00 in a research report on Thursday. BMO Capital Markets reduced 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. Scotiabank reduced 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. Finally, Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.04.

Freeport-McMoRan Trading Down 1.3 %

Shares of FCX stock opened at $36.92 on Friday. Freeport-McMoRan Inc. has a 12-month low of $34.89 and a 12-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 50-day moving average price of $38.31 and a two-hundred day moving average price of $42.59. The firm has a market cap of $53.05 billion, a P/E ratio of 28.62, a price-to-earnings-growth ratio of 0.87 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last issued its 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%. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

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.