Hartford Investment Management Co. Has $3.41 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Hartford Investment Management Co. reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 89,411 shares of the natural resource company’s stock after selling 1,730 shares during the quarter. Hartford Investment Management Co.’s holdings in Freeport-McMoRan were worth $3,405,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Godsey & Gibb Inc. boosted its holdings in Freeport-McMoRan by 150.4% during the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 346 shares during the last quarter. Laurel Wealth Advisors LLC boosted its holdings in Freeport-McMoRan by 487.8% during 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 boosted its holdings in Freeport-McMoRan by 46.8% during the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 236 shares during the last quarter. Wolff Wiese Magana LLC boosted its holdings 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 worth $42,000 after purchasing an additional 579 shares during the last quarter. Finally, FSA Wealth Management LLC purchased a new position in Freeport-McMoRan during the third quarter worth about $46,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FCX has been the topic of several analyst reports. Raymond James boosted their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. BMO Capital Markets lowered their price objective 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. JPMorgan Chase & Co. lowered their price objective 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. Jefferies Financial Group lowered 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 research report on Friday, January 24th. Finally, Scotiabank lowered their price objective on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Friday, January 24th. Nine research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.46.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $37.97 on Thursday. The company’s 50 day moving average is $39.03 and its 200-day moving average is $42.92. Freeport-McMoRan Inc. has a 12-month low of $34.89 and a 12-month high of $55.24. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The firm has a market cap of $54.56 billion, a P/E ratio of 29.43, a price-to-earnings-growth ratio of 0.81 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 EPS 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%. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.71 earnings per share 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.