Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Adams Diversified Equity Fund Inc.

by · The Cerbat Gem

Adams Diversified Equity Fund Inc. trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 5.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 322,100 shares of the natural resource company’s stock after selling 17,300 shares during the period. Adams Diversified Equity Fund Inc.’s holdings in Freeport-McMoRan were worth $12,266,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Asset Planning Inc acquired a new position in Freeport-McMoRan during the fourth quarter worth $25,000. Vision Financial Markets LLC acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $27,000. Laurel Wealth Advisors LLC raised its stake in shares of Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 600 shares in the last quarter. Roxbury Financial LLC acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $28,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at $29,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $40.72 on Friday. The stock’s 50-day moving average is $38.00 and its two-hundred day moving average is $41.99. The firm has a market cap of $58.51 billion, a price-to-earnings ratio of 31.56, a PEG ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a 1 year low of $33.98 and a 1 year high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its quarterly earnings data 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 return on equity of 7.50% and a net margin of 7.42%. Analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently issued reports on FCX shares. Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Scotiabank reduced their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Friday, January 24th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a research note on Thursday, March 6th. BMO Capital Markets dropped their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Finally, Jefferies Financial Group raised Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their target price for the company from $40.00 to $48.00 in a report on Thursday, February 27th. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $52.04.

Check Out Our Latest Stock Analysis on FCX

Freeport-McMoRan Profile

(Free Report)

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.

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