Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 112,169 shares of the natural resource company’s stock after selling 1,195 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Freeport-McMoRan were worth $4,271,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in FCX. Sanctuary Advisors LLC raised its position in shares of Freeport-McMoRan by 9.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock valued at $8,219,000 after acquiring an additional 14,501 shares in the last quarter. Easterly Investment Partners LLC boosted its position in Freeport-McMoRan by 137.5% during the 3rd quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock valued at $7,375,000 after purchasing an additional 85,542 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Freeport-McMoRan during the 3rd quarter valued at approximately $754,000. Summit Global Investments grew its stake in Freeport-McMoRan by 1,559.3% during the 3rd quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock worth $3,819,000 after buying an additional 71,883 shares during the last quarter. Finally, AIA Group Ltd increased its position in Freeport-McMoRan by 16.2% in the third quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock worth $4,604,000 after buying an additional 12,887 shares during the period. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Jefferies Financial Group raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their price target for the company from $40.00 to $48.00 in a report on Thursday. Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price target for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. JPMorgan Chase & Co. reduced their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Finally, Scotiabank lowered 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, January 24th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $52.04.

Freeport-McMoRan Price Performance

NYSE:FCX opened at $37.35 on Friday. 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 business’s 50-day moving average price is $38.35 and its 200 day moving average price is $42.62. Freeport-McMoRan Inc. has a 52-week low of $34.89 and a 52-week high of $55.24. The firm has a market cap of $53.67 billion, a P/E ratio of 28.95, a PEG ratio of 0.87 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share 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%. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share 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.