Zweig DiMenna Associates LLC Sells 1,293 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Zweig DiMenna Associates LLC cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 0.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 252,810 shares of the natural resource company’s stock after selling 1,293 shares during the quarter. Zweig DiMenna Associates LLC’s holdings in Freeport-McMoRan were worth $9,627,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Impact Partnership Wealth LLC purchased a new position in Freeport-McMoRan during the fourth quarter valued at approximately $532,000. Brighton Jones LLC lifted its stake in shares of Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after purchasing an additional 2,882 shares during the period. Inspire Investing LLC boosted its holdings in Freeport-McMoRan by 7.8% during the fourth quarter. Inspire Investing LLC now owns 135,853 shares of the natural resource company’s stock worth $5,173,000 after buying an additional 9,824 shares in the last quarter. Avior Wealth Management LLC increased its holdings in Freeport-McMoRan by 3.8% in the fourth quarter. Avior Wealth Management LLC now owns 69,404 shares of the natural resource company’s stock valued at $2,643,000 after buying an additional 2,514 shares in the last quarter. Finally, Mutual Advisors LLC increased its holdings in Freeport-McMoRan by 5.4% in the fourth quarter. Mutual Advisors LLC now owns 15,859 shares of the natural resource company’s stock valued at $635,000 after buying an additional 812 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Scotiabank dropped their target price on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research report on Monday, January 6th. Jefferies Financial Group downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating and reduced their target price for the stock from $48.00 to $40.00 in a research note on Friday. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Raymond James lifted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. reduced their price target 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. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $51.81.

Freeport-McMoRan Stock Down 0.2 %

Shares of NYSE FCX opened at $38.43 on Friday. The stock has a market cap of $55.22 billion, a P/E ratio of 28.11, a PEG ratio of 2.39 and a beta of 1.87. The business’s fifty day simple moving average is $40.91 and its 200-day simple moving average is $44.04. Freeport-McMoRan Inc. has a 12-month low of $36.26 and a 12-month high of $55.24. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data 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 7.40% and a net margin of 7.81%. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.42 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.