Pine Valley Investments Ltd Liability Co Sells 692 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Pine Valley Investments Ltd Liability Co lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 6.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,614 shares of the natural resource company’s stock after selling 692 shares during the quarter. Pine Valley Investments Ltd Liability Co’s holdings in Freeport-McMoRan were worth $366,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

A number of analysts recently commented on FCX shares. 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 report on Thursday, January 16th. Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. BMO Capital Markets cut their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report 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 stock from $48.00 to $40.00 in a research note on Friday, January 24th. Finally, Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Nine analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.46.

Freeport-McMoRan Stock Up 3.4 %

Freeport-McMoRan stock opened at $38.03 on Thursday. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 1-year low of $34.89 and a 1-year high of $55.24. The company has a fifty day simple moving average of $38.37 and a 200 day simple moving average of $42.66. The company has a market cap of $54.64 billion, a P/E ratio of 29.48, a price-to-earnings-growth ratio of 0.87 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 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.