Verde Servicos Internacionais S.A. Cuts Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Verde Servicos Internacionais S.A. cut its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 89.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,500 shares of the natural resource company’s stock after selling 98,983 shares during the period. Verde Servicos Internacionais S.A.’s holdings in Freeport-McMoRan were worth $438,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of FCX. Matrix Trust Co purchased a new position in Freeport-McMoRan during the third quarter worth $25,000. University of Texas Texas AM Investment Management Co. bought a new position in Freeport-McMoRan during the 2nd quarter valued at about $27,000. Laurel Wealth Advisors LLC grew its stake in Freeport-McMoRan by 487.8% in 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 in the last quarter. Godsey & Gibb Inc. raised its position in Freeport-McMoRan by 150.4% during the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 346 shares in the last quarter. Finally, Continuum Advisory LLC lifted its holdings in shares of Freeport-McMoRan by 46.8% in the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after buying an additional 236 shares during the period. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $36.67 on Tuesday. The company has a 50 day moving average price of $40.67 and a 200 day moving average price of $43.74. The firm has a market capitalization of $52.70 billion, a P/E ratio of 26.77, a PEG ratio of 2.39 and a beta of 1.87. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 52 week low of $36.26 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.42 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on FCX shares. JPMorgan Chase & Co. decreased their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. BMO Capital Markets cut their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday. Scotiabank dropped their target price on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Friday. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Finally, Raymond James raised their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $51.46.

About Freeport-McMoRan

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.