Bank of New York Mellon Corp Cuts Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Bank of New York Mellon Corp lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 3.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 19,299,253 shares of the natural resource company’s stock after selling 732,323 shares during the quarter. Bank of New York Mellon Corp’s holdings in Freeport-McMoRan were worth $734,916,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Allworth Financial LP grew its stake in Freeport-McMoRan by 7.3% during the 3rd quarter. Allworth Financial LP now owns 7,336 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 500 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Freeport-McMoRan by 1.5% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 158,417 shares of the natural resource company’s stock valued at $7,908,000 after buying an additional 2,322 shares during the period. Modera Wealth Management LLC acquired a new position in shares of Freeport-McMoRan during the third quarter worth about $321,000. Nisa Investment Advisors LLC increased its stake in shares of Freeport-McMoRan by 0.9% during the third quarter. Nisa Investment Advisors LLC now owns 341,039 shares of the natural resource company’s stock worth $17,025,000 after buying an additional 2,925 shares during the period. Finally, Autumn Glory Partners LLC increased its stake in shares of Freeport-McMoRan by 128.2% during the third quarter. Autumn Glory Partners LLC now owns 11,592 shares of the natural resource company’s stock worth $581,000 after buying an additional 6,512 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 1.0 %

NYSE:FCX opened at $36.76 on Wednesday. The company has a market capitalization of $52.82 billion, a PE ratio of 28.49, a P/E/G ratio of 0.87 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. The stock’s 50 day moving average price is $38.38 and its 200 day moving average price is $42.69. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data 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%. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently issued reports on FCX. Sanford C. Bernstein downgraded 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. BMO Capital Markets decreased their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Jefferies Financial Group lowered Freeport-McMoRan from a “buy” rating to a “hold” rating and dropped their target price for the company from $48.00 to $40.00 in a report on Friday, January 24th. Scotiabank cut their price target on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Friday, January 24th. Finally, JPMorgan Chase & Co. lowered their price objective 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. Nine investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average 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.