Janney Montgomery Scott LLC Has $23.46 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Janney Montgomery Scott LLC lowered its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 16.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 616,143 shares of the natural resource company’s stock after selling 123,405 shares during the period. Janney Montgomery Scott LLC’s holdings in Freeport-McMoRan were worth $23,463,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Sharp Financial Services LLC boosted its holdings in shares of Freeport-McMoRan by 14.8% during the fourth quarter. Sharp Financial Services LLC now owns 7,000 shares of the natural resource company’s stock worth $267,000 after purchasing an additional 900 shares during the period. Daymark Wealth Partners LLC boosted its stake in shares of Freeport-McMoRan by 34.9% during the 4th quarter. Daymark Wealth Partners LLC now owns 12,511 shares of the natural resource company’s stock valued at $476,000 after buying an additional 3,237 shares during the period. Advisory Alpha LLC boosted its stake in shares of Freeport-McMoRan by 17.6% during the 4th quarter. Advisory Alpha LLC now owns 7,487 shares of the natural resource company’s stock valued at $285,000 after buying an additional 1,118 shares during the period. Eads & Heald Wealth Management grew its stake in Freeport-McMoRan by 25.2% in the fourth quarter. Eads & Heald Wealth Management now owns 20,097 shares of the natural resource company’s stock valued at $765,000 after purchasing an additional 4,050 shares in the last quarter. Finally, MCF Advisors LLC raised its stake in shares of Freeport-McMoRan by 22.0% during the 4th quarter. MCF Advisors LLC now owns 4,077 shares of the natural resource company’s stock worth $155,000 after purchasing an additional 736 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on FCX. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. JPMorgan Chase & Co. lowered their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Scotiabank reduced their price target on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research report on Friday. Raymond James increased their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Finally, Jefferies Financial Group lowered Freeport-McMoRan from a “buy” rating to a “hold” rating and reduced their target price for the stock from $48.00 to $40.00 in a report on Friday. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $51.46.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $37.78 on Friday. 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 company has a market cap of $54.29 billion, a PE ratio of 27.58, a price-to-earnings-growth ratio of 2.39 and a beta of 1.87. The firm has a fifty day moving average price of $40.81 and a two-hundred day moving average price of $43.95. Freeport-McMoRan Inc. has a fifty-two week low of $36.26 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share 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%. Analysts expect that Freeport-McMoRan Inc. will post 1.42 EPS for the current year.

Freeport-McMoRan Company 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.