Wealthfront Advisers LLC Decreases Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Wealthfront Advisers LLC reduced its position in Freeport-McMoRan Inc. (NYSE:FCX) by 89.2% during the fourth quarter, according to its most recent Form 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 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in FCX. CIBC Asset Management Inc lifted its position in shares of Freeport-McMoRan by 7.7% in the third quarter. CIBC Asset Management Inc now owns 216,070 shares of the natural resource company’s stock worth $10,786,000 after buying an additional 15,521 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Freeport-McMoRan by 240.1% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 80,000 shares of the natural resource company’s stock worth $3,994,000 after acquiring an additional 56,475 shares during the last quarter. Schear Investment Advisers LLC increased its stake in Freeport-McMoRan by 9.7% during the third quarter. Schear Investment Advisers LLC now owns 6,817 shares of the natural resource company’s stock worth $340,000 after acquiring an additional 604 shares during the last quarter. Atlanta Consulting Group Advisors LLC bought a new stake in Freeport-McMoRan during the third quarter worth approximately $241,000. Finally, Glass Wealth Management Co LLC increased its stake in Freeport-McMoRan by 2.0% during the third quarter. Glass Wealth Management Co LLC now owns 124,764 shares of the natural resource company’s stock worth $6,228,000 after acquiring an additional 2,445 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 3.5 %

Shares of NYSE FCX opened at $38.91 on Monday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The firm 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 stock has a 50 day moving average price of $37.93 and a 200 day moving average price of $42.07. Freeport-McMoRan Inc. has a 52-week low of $33.98 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) 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%. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FCX has been the topic of several analyst reports. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft raised 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. 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. BMO Capital Markets reduced their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Finally, StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Wednesday, March 12th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $51.75.

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.