Paradigm Asset Management Co. LLC Cuts Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Paradigm Asset Management Co. LLC lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 36.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 23,100 shares of the natural resource company’s stock after selling 13,500 shares during the period. Paradigm Asset Management Co. LLC’s holdings in Freeport-McMoRan were worth $880,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in FCX. Cassaday & Co Wealth Management LLC purchased a new stake in Freeport-McMoRan during the 4th quarter worth $218,000. Investors Asset Management of Georgia Inc. GA ADV grew its holdings in Freeport-McMoRan by 3.6% during the 4th quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 16,136 shares of the natural resource company’s stock worth $616,000 after acquiring an additional 555 shares in the last quarter. Boston Financial Mangement LLC grew its holdings in Freeport-McMoRan by 22.9% during the 4th quarter. Boston Financial Mangement LLC now owns 5,272 shares of the natural resource company’s stock worth $201,000 after acquiring an additional 981 shares in the last quarter. Mader & Shannon Wealth Management Inc. acquired a new position in Freeport-McMoRan during the 4th quarter worth $1,084,000. Finally, Ieq Capital LLC grew its holdings in Freeport-McMoRan by 18.6% during the 4th quarter. Ieq Capital LLC now owns 76,538 shares of the natural resource company’s stock worth $2,915,000 after acquiring an additional 11,984 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 1.0 %

FCX stock opened at $38.95 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. Freeport-McMoRan Inc. has a 52-week low of $34.89 and a 52-week high of $55.24. The company has a 50-day moving average of $38.62 and a two-hundred day moving average of $42.74. The stock has a market capitalization of $55.97 billion, a price-to-earnings ratio of 30.20, a price-to-earnings-growth ratio of 0.86 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last released 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 net margin of 7.42% and a return on equity of 7.50%. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently commented on FCX. JPMorgan Chase & Co. decreased their price target 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. BMO Capital Markets dropped 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 report on Friday, January 24th. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Jefferies Financial Group downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and dropped their target price for the stock from $48.00 to $40.00 in a report on Friday, January 24th. Finally, Scotiabank dropped their target price 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. Nine 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. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $51.46.

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.