Calamos Advisors LLC Decreases Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Calamos Advisors LLC lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 39.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 673,307 shares of the natural resource company’s stock after selling 438,255 shares during the period. Calamos Advisors LLC’s holdings in Freeport-McMoRan were worth $25,640,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Matrix Trust Co bought a new position in shares of Freeport-McMoRan during the third quarter valued at approximately $25,000. Godsey & Gibb Inc. boosted its position in shares of Freeport-McMoRan by 150.4% in the third quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 346 shares during the period. Laurel Wealth Advisors LLC increased its holdings in Freeport-McMoRan by 487.8% in the 4th 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 during the last quarter. Continuum Advisory LLC grew its stake 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 in the last quarter. Finally, Wolff Wiese Magana LLC boosted its stake in shares of Freeport-McMoRan by 214.4% during the 3rd quarter. Wolff Wiese Magana LLC now owns 849 shares of the natural resource company’s stock worth $42,000 after purchasing an additional 579 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FCX. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Raymond James raised their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. lowered their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. BMO Capital Markets reduced 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, January 24th. Finally, Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday. Nine investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average price target of $51.46.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $35.86 on Tuesday. The company’s fifty day moving average is $39.89 and its two-hundred day moving average is $43.28. Freeport-McMoRan Inc. has a 12-month low of $34.89 and a 12-month high of $55.24. The company has a market cap of $51.53 billion, a P/E ratio of 27.80, a price-to-earnings-growth ratio of 0.85 and a beta of 1.85. 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 results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share 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%. Equities analysts expect that Freeport-McMoRan Inc. will post 1.75 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.