Wealthfront Advisers LLC Sells 130,176 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Wealthfront Advisers LLC decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 89.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,696 shares of the natural resource company’s stock after selling 130,176 shares during the period. Wealthfront Advisers LLC’s holdings in Freeport-McMoRan were worth $598,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Gables Capital Management Inc. increased its holdings in shares of Freeport-McMoRan by 2.2% in the 4th quarter. Gables Capital Management Inc. now owns 18,301 shares of the natural resource company’s stock worth $697,000 after purchasing an additional 400 shares in the last quarter. Inspire Advisors LLC increased its holdings in shares of Freeport-McMoRan by 2.6% in the 4th quarter. Inspire Advisors LLC now owns 12,965 shares of the natural resource company’s stock worth $494,000 after purchasing an additional 325 shares in the last quarter. Sage Mountain Advisors LLC increased its holdings in shares of Freeport-McMoRan by 10.0% in the 4th quarter. Sage Mountain Advisors LLC now owns 9,422 shares of the natural resource company’s stock worth $359,000 after purchasing an additional 856 shares in the last quarter. Independent Advisor Alliance increased its holdings in shares of Freeport-McMoRan by 34.7% in the 4th quarter. Independent Advisor Alliance now owns 19,424 shares of the natural resource company’s stock worth $740,000 after purchasing an additional 5,006 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Freeport-McMoRan by 7.5% in the 4th quarter. Daiwa Securities Group Inc. now owns 193,549 shares of the natural resource company’s stock worth $7,370,000 after purchasing an additional 13,531 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FCX. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Jefferies Financial Group raised Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $40.00 to $48.00 in a report on Thursday, February 27th. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Wednesday, March 12th. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Finally, BMO Capital Markets cut their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $38.91 on Monday. The stock’s 50-day simple moving average is $37.93 and its 200-day simple moving average is $42.07. Freeport-McMoRan Inc. has a 52 week low of $33.98 and a 52 week high of $55.24. The company has a market capitalization of $55.91 billion, a price-to-earnings ratio of 30.16, a PEG ratio of 0.87 and a beta of 1.87. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data 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 net margin of 7.42% and a return on equity of 7.50%. As a group, analysts expect 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.