Corient Private Wealth LLC Lowers Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Corient Private Wealth LLC reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 73.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 161,227 shares of the natural resource company’s stock after selling 451,212 shares during the period. Corient Private Wealth LLC’s holdings in Freeport-McMoRan were worth $6,140,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Envestnet Portfolio Solutions Inc. raised its holdings in Freeport-McMoRan by 10.1% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 36,405 shares of the natural resource company’s stock worth $1,386,000 after buying an additional 3,333 shares during the last quarter. one8zero8 LLC purchased a new position in Freeport-McMoRan in the fourth quarter worth about $475,000. Choate Investment Advisors raised its holdings in Freeport-McMoRan by 10.3% in the fourth quarter. Choate Investment Advisors now owns 14,235 shares of the natural resource company’s stock worth $542,000 after buying an additional 1,330 shares during the last quarter. Natixis Advisors LLC raised its holdings in Freeport-McMoRan by 17.0% in the fourth quarter. Natixis Advisors LLC now owns 565,983 shares of the natural resource company’s stock worth $21,553,000 after buying an additional 82,047 shares during the last quarter. Finally, Hills Bank & Trust Co raised its holdings in Freeport-McMoRan by 2.4% in the fourth quarter. Hills Bank & Trust Co now owns 25,223 shares of the natural resource company’s stock worth $960,000 after buying an additional 595 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Dbs Bank raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. JPMorgan Chase & Co. upgraded shares of Freeport-McMoRan from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $48.00 to $52.00 in a research note on Thursday. Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research note on Thursday, March 6th. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Finally, Scotiabank reduced their price target on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research note on Friday, January 24th. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $52.04.

Freeport-McMoRan Stock Performance

FCX opened at $40.31 on Friday. The firm has a market cap of $57.93 billion, a P/E ratio of 31.25, 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 50 day simple moving average of $38.03 and a two-hundred day simple moving average of $41.96. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18.

Freeport-McMoRan (NYSE:FCX) last posted 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 return on equity of 7.50% and a net margin of 7.42%. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

About Freeport-McMoRan

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.