K.J. Harrison & Partners Inc Reduces Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

K.J. Harrison & Partners Inc reduced its position in Freeport-McMoRan Inc. (NYSE:FCX) by 26.0% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 176,970 shares of the natural resource company’s stock after selling 62,110 shares during the period. Freeport-McMoRan makes up approximately 1.1% of K.J. Harrison & Partners Inc’s holdings, making the stock its 23rd largest holding. K.J. Harrison & Partners Inc’s holdings in Freeport-McMoRan were worth $6,704,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in FCX. Allworth Financial LP raised its holdings in Freeport-McMoRan by 7.3% during the 3rd quarter. Allworth Financial LP now owns 7,336 shares of the natural resource company’s stock valued at $366,000 after acquiring an additional 500 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Freeport-McMoRan by 1.5% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 158,417 shares of the natural resource company’s stock valued at $7,908,000 after purchasing an additional 2,322 shares in the last quarter. Modera Wealth Management LLC bought a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at $321,000. Nisa Investment Advisors LLC lifted its holdings in Freeport-McMoRan by 0.9% during the 3rd quarter. Nisa Investment Advisors LLC now owns 341,039 shares of the natural resource company’s stock worth $17,025,000 after purchasing an additional 2,925 shares in the last quarter. Finally, abrdn plc boosted its stake in Freeport-McMoRan by 53.2% in the 3rd quarter. abrdn plc now owns 1,142,201 shares of the natural resource company’s stock worth $57,042,000 after purchasing an additional 396,475 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

FCX has been the topic of several analyst reports. Scotiabank decreased their price target on 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. JPMorgan Chase & Co. lowered their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. BMO Capital Markets cut their price target 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. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Finally, Jefferies Financial Group lowered Freeport-McMoRan from a “buy” rating to a “hold” rating and dropped their price objective for the company from $48.00 to $40.00 in a research note 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 company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.46.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $38.03 on Thursday. The firm has a market capitalization of $54.64 billion, a PE ratio of 29.48, a price-to-earnings-growth 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. The business’s 50-day moving average price is $38.37 and its 200-day moving average price is $42.66.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates 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 forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

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.