Traynor Capital Management Inc. Has $6.49 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Traynor Capital Management Inc. cut its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 170,533 shares of the natural resource company’s stock after selling 6,906 shares during the period. Traynor Capital Management Inc.’s holdings in Freeport-McMoRan were worth $6,494,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Mountaineer Partners Management LLC increased its position in Freeport-McMoRan by 4,767.8% during 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 buying an additional 11,687,982 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Freeport-McMoRan by 142.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company’s stock worth $162,964,000 after acquiring an additional 2,515,103 shares during the last quarter. Franklin Resources Inc. raised its stake 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 acquiring an additional 2,366,187 shares during the period. Los Angeles Capital Management LLC lifted its holdings in Freeport-McMoRan by 423.5% during 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 purchasing an additional 2,255,529 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its position in 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 period. 80.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FCX has been the subject of a number of research reports. Raymond James raised their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Jefferies Financial Group decreased their target price on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, JPMorgan Chase & Co. dropped their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $52.42.

Freeport-McMoRan Trading Down 3.1 %

Shares of FCX opened at $39.07 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. Freeport-McMoRan Inc. has a 52-week low of $36.26 and a 52-week high of $55.24. The firm has a market cap of $56.14 billion, a price-to-earnings ratio of 28.52, a PEG ratio of 2.44 and a beta of 1.87. The business’s fifty day moving average is $41.01 and its 200-day moving average is $44.08.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The firm had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.39 earnings per share. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.43 EPS 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.