Indiana Trust & Investment Management Co Sells 4,121 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Indiana Trust & Investment Management Co lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 32.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 8,650 shares of the natural resource company’s stock after selling 4,121 shares during the period. Indiana Trust & Investment Management Co’s holdings in Freeport-McMoRan were worth $329,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Laurel Wealth Advisors LLC lifted its stake 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 acquiring an additional 600 shares in the last quarter. Godsey & Gibb Inc. lifted its position in shares of Freeport-McMoRan by 150.4% during the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 346 shares in the last quarter. Financial Life Planners purchased a new position in Freeport-McMoRan during the fourth quarter worth about $36,000. Continuum Advisory LLC grew its position in Freeport-McMoRan by 46.8% in the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 236 shares in the last quarter. Finally, Wingate Wealth Advisors Inc. bought a new position in shares of Freeport-McMoRan during the 4th quarter worth approximately $39,000. 80.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Jefferies Financial Group lowered Freeport-McMoRan from a “buy” rating to a “hold” rating and dropped their price target for the stock from $48.00 to $40.00 in a report on Friday, January 24th. Scotiabank cut their price target on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a report on Friday, January 24th. JPMorgan Chase & Co. decreased their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Finally, Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Nine research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.46.

Freeport-McMoRan Stock Down 2.2 %

Shares of NYSE FCX opened at $37.62 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The stock has a 50 day moving average price of $39.13 and a 200 day moving average price of $42.95. The firm has a market capitalization of $54.05 billion, a price-to-earnings ratio of 29.16, a PEG ratio of 0.81 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 issued its quarterly earnings results 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%. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.71 earnings per share 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.