Indiana Trust & Investment Management Co Trims Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Indiana Trust & Investment Management Co lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 32.3% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 8,650 shares of the natural resource company’s stock after selling 4,121 shares during the quarter. Indiana Trust & Investment Management Co’s holdings in Freeport-McMoRan were worth $329,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Mountaineer Partners Management LLC lifted its stake in Freeport-McMoRan by 4,767.8% in the third quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock worth $595,702,000 after acquiring an additional 11,687,982 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Freeport-McMoRan by 142.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company’s stock worth $162,964,000 after buying an additional 2,515,103 shares during the period. Franklin Resources Inc. raised its position in Freeport-McMoRan by 9.5% in the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock valued at $1,348,522,000 after purchasing an additional 2,366,187 shares during the last quarter. Los Angeles Capital Management LLC increased its position in Freeport-McMoRan by 423.5% in the 3rd quarter. Los Angeles Capital Management LLC now owns 2,788,111 shares of the natural resource company’s stock valued at $139,183,000 after acquiring an additional 2,255,529 shares during the period. Finally, Fisher Asset Management LLC raised its stake in shares of Freeport-McMoRan by 2.4% during the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after purchasing an additional 1,392,494 shares during the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FCX. BMO Capital Markets cut their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Jefferies Financial Group cut Freeport-McMoRan from a “buy” rating to a “hold” rating and lowered their target price for the company from $48.00 to $40.00 in a report on Friday, January 24th. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Finally, JPMorgan Chase & Co. dropped their price target on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Nine 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 stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.46.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $37.62 on Wednesday. The business’s fifty day moving average is $39.13 and its two-hundred day moving average is $42.95. The firm has a market cap of $54.05 billion, a P/E ratio of 29.16, a P/E/G ratio of 0.81 and a beta of 1.85. 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 Inc. has a 52 week low of $34.89 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its 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 return on equity of 7.50% and a net margin of 7.42%. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.71 earnings per share for the current fiscal year.

Freeport-McMoRan Company 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.