Oxbow Advisors LLC Lowers Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Oxbow Advisors LLC decreased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 12.7% in the fourth quarter, Holdings Channel reports. The firm owned 6,678 shares of the natural resource company’s stock after selling 969 shares during the period. Oxbow Advisors LLC’s holdings in Freeport-McMoRan were worth $254,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of FCX. Private Advisor Group LLC boosted its holdings in shares of Freeport-McMoRan by 1.1% in the third quarter. Private Advisor Group LLC now owns 77,315 shares of the natural resource company’s stock valued at $3,860,000 after purchasing an additional 842 shares during the period. International Assets Investment Management LLC boosted its holdings in shares of Freeport-McMoRan by 5,249.5% in the third quarter. International Assets Investment Management LLC now owns 1,341,335 shares of the natural resource company’s stock valued at $66,959,000 after purchasing an additional 1,316,261 shares during the period. Global Trust Asset Management LLC boosted its holdings in shares of Freeport-McMoRan by 59.1% in the third quarter. Global Trust Asset Management LLC now owns 3,502 shares of the natural resource company’s stock valued at $175,000 after purchasing an additional 1,301 shares during the period. Ballentine Partners LLC boosted its holdings in shares of Freeport-McMoRan by 1.8% in the third quarter. Ballentine Partners LLC now owns 16,575 shares of the natural resource company’s stock valued at $827,000 after purchasing an additional 291 shares during the period. Finally, Mediolanum International Funds Ltd boosted its holdings in shares of Freeport-McMoRan by 246.3% in the third quarter. Mediolanum International Funds Ltd now owns 264,525 shares of the natural resource company’s stock valued at $13,558,000 after purchasing an additional 188,146 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $36.97 on Friday. The business’s fifty day simple moving average is $38.53 and its 200-day simple moving average is $42.72. The company has a market cap of $53.13 billion, a PE ratio of 28.66, a PEG ratio of 0.87 and a beta of 1.85. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12-month low of $34.89 and a 12-month 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 (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%. Analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on FCX shares. JPMorgan Chase & Co. lowered their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. BMO Capital Markets lowered their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Finally, Jefferies Financial Group lowered Freeport-McMoRan from a “buy” rating to a “hold” rating and lowered their target price for the stock from $48.00 to $40.00 in a report on Friday, January 24th. Nine analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $51.46.

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.