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

Bank of New York Mellon Corp reduced its position in Freeport-McMoRan Inc. (NYSE:FCX) by 3.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund 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 owned about 1.34% of Freeport-McMoRan worth $734,916,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP boosted its position in Freeport-McMoRan by 7.3% during the third quarter. Allworth Financial LP now owns 7,336 shares of the natural resource company’s stock worth $366,000 after acquiring an additional 500 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in 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 worth $7,908,000 after purchasing an additional 2,322 shares in the last quarter. Modera Wealth Management LLC acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth approximately $321,000. Nisa Investment Advisors LLC grew its position in shares of Freeport-McMoRan by 0.9% in the third quarter. Nisa Investment Advisors LLC now owns 341,039 shares of the natural resource company’s stock valued at $17,025,000 after purchasing an additional 2,925 shares in the last quarter. Finally, Autumn Glory Partners LLC grew its position in shares of Freeport-McMoRan by 128.2% in the third quarter. Autumn Glory Partners LLC now owns 11,592 shares of the natural resource company’s stock valued at $581,000 after purchasing an additional 6,512 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on FCX shares. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. JPMorgan Chase & Co. reduced their price target on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. BMO Capital Markets dropped their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Argus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Finally, Scotiabank decreased 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 equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.46.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $36.76 on Wednesday. Freeport-McMoRan Inc. has a fifty-two week low of $34.89 and a fifty-two week high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The company has a 50 day moving average price of $38.38 and a 200 day moving average price of $42.69. The stock has a market capitalization of $52.82 billion, a P/E ratio of 28.49, a PEG ratio of 0.87 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 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 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.