Goelzer Investment Management Inc. Lowers Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Goelzer Investment Management Inc. lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 90,612 shares of the natural resource company’s stock after selling 1,440 shares during the quarter. Goelzer Investment Management Inc.’s holdings in Freeport-McMoRan were worth $3,451,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Sanctuary Advisors LLC lifted its position in Freeport-McMoRan by 9.7% in the third quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock valued at $8,219,000 after purchasing an additional 14,501 shares during the period. Easterly Investment Partners LLC raised its stake in shares of Freeport-McMoRan by 137.5% during the 3rd quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock worth $7,375,000 after buying an additional 85,542 shares in the last quarter. Summit Global Investments boosted its stake in shares of Freeport-McMoRan by 1,559.3% in the third quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock valued at $3,819,000 after buying an additional 71,883 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Freeport-McMoRan during the third quarter worth $754,000. Finally, AIA Group Ltd raised its position in Freeport-McMoRan by 16.2% in the third quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock worth $4,604,000 after acquiring an additional 12,887 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FCX. BMO Capital Markets lowered their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday. Raymond James upped their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. reduced their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Finally, Jefferies Financial Group downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating and decreased their target price for the stock from $48.00 to $40.00 in a research report on Friday. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $51.46.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $37.78 on Friday. The stock has a market capitalization of $54.29 billion, a P/E ratio of 27.58, a P/E/G ratio of 2.39 and a beta of 1.87. Freeport-McMoRan Inc. has a 12-month low of $36.26 and a 12-month high of $55.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30. The firm’s 50-day moving average is $40.81 and its two-hundred day moving average is $43.95.

Freeport-McMoRan (NYSE:FCX) last announced its 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 7.40% and a net margin of 7.81%. Equities analysts predict that Freeport-McMoRan Inc. will post 1.42 earnings per share for the current 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.