Mediolanum International Funds Ltd Lowers Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Mediolanum International Funds Ltd lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 54.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 121,462 shares of the natural resource company’s stock after selling 143,063 shares during the period. Mediolanum International Funds Ltd’s holdings in Freeport-McMoRan were worth $4,624,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of FCX. Matrix Trust Co purchased a new position in Freeport-McMoRan during the 3rd quarter valued at approximately $25,000. Godsey & Gibb Inc. grew its holdings in shares of Freeport-McMoRan by 150.4% in 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. Laurel Wealth Advisors LLC increased its position in Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 600 shares during the last quarter. Continuum Advisory LLC raised its stake in Freeport-McMoRan by 46.8% during the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 236 shares in the last quarter. Finally, Wolff Wiese Magana LLC lifted its position in Freeport-McMoRan by 214.4% during the third quarter. Wolff Wiese Magana LLC now owns 849 shares of the natural resource company’s stock valued at $42,000 after purchasing an additional 579 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 2.3 %

Shares of NYSE FCX opened at $35.81 on Friday. Freeport-McMoRan Inc. has a 52-week low of $35.46 and a 52-week high of $55.24. The firm has a market capitalization of $51.46 billion, a price-to-earnings ratio of 27.76, a PEG ratio of 0.86 and a beta of 1.87. The stock has a 50 day moving average price of $40.06 and a 200 day moving average price of $43.39. 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 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 return on equity of 7.50% and a net margin of 7.42%. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FCX. JPMorgan Chase & Co. reduced 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. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Raymond James lifted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Scotiabank decreased their price target on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a report on Friday, January 24th. Finally, Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday. Nine equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus 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.