Griffin Asset Management Inc. Sells 7,921 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Griffin Asset Management Inc. lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 7.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 96,854 shares of the natural resource company’s stock after selling 7,921 shares during the quarter. Griffin Asset Management Inc.’s holdings in Freeport-McMoRan were worth $3,688,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of FCX. AXA S.A. raised its holdings in shares of Freeport-McMoRan by 101.5% during the second quarter. AXA S.A. now owns 32,814 shares of the natural resource company’s stock valued at $1,595,000 after purchasing an additional 16,531 shares during the period. AQR Capital Management LLC boosted its holdings in Freeport-McMoRan by 28.1% in the second quarter. AQR Capital Management LLC now owns 285,529 shares of the natural resource company’s stock worth $13,877,000 after acquiring an additional 62,663 shares in the last quarter. Creative Planning grew its stake in Freeport-McMoRan by 28.7% in the second quarter. Creative Planning now owns 202,693 shares of the natural resource company’s stock valued at $9,851,000 after acquiring an additional 45,212 shares during the period. Magnolia Capital Advisors LLC raised its position in shares of Freeport-McMoRan by 39.3% during the second quarter. Magnolia Capital Advisors LLC now owns 8,504 shares of the natural resource company’s stock worth $413,000 after purchasing an additional 2,400 shares during the period. Finally, Silver Lake Advisory LLC bought a new position in shares of Freeport-McMoRan in the 2nd quarter worth $278,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 3.0 %

Shares of NYSE:FCX opened at $36.67 on Tuesday. The company has a market cap of $52.70 billion, a price-to-earnings ratio of 26.77, a PEG ratio of 2.39 and a beta of 1.87. Freeport-McMoRan Inc. has a one year low of $36.26 and a one year high of $55.24. The firm has a fifty day moving average price of $40.67 and a two-hundred day moving average price of $43.74. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.33 and a quick ratio of 1.30.

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 the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Analysts anticipate that Freeport-McMoRan Inc. will post 1.42 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Jefferies Financial Group downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $48.00 to $40.00 in a report on Friday. JPMorgan Chase & Co. dropped their price target 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. Raymond James increased their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Scotiabank reduced their price objective on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research report on Friday. Finally, BMO Capital Markets cut their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock 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.