Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Requisite Capital Management LLC

Requisite Capital Management LLC cut its position in Freeport-McMoRan Inc. (NYSE:FCX) by 16.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,727 shares of the natural resource company’s stock after selling 1,848 shares during the quarter. Requisite Capital Management LLC’s holdings in Freeport-McMoRan were worth $370,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC increased its holdings in shares of Freeport-McMoRan by 9.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock valued at $8,219,000 after acquiring an additional 14,501 shares during the period. Easterly Investment Partners LLC grew its position in Freeport-McMoRan by 137.5% during the 3rd quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock worth $7,375,000 after purchasing an additional 85,542 shares during the last quarter. Summit Global Investments grew its position in Freeport-McMoRan by 1,559.3% during the 3rd quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock worth $3,819,000 after purchasing an additional 71,883 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Freeport-McMoRan in the third quarter valued at about $754,000. Finally, AIA Group Ltd raised its holdings in shares of Freeport-McMoRan by 16.2% in the third quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock valued at $4,604,000 after buying an additional 12,887 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $37.78 on Friday. 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 Inc. has a twelve month low of $36.26 and a twelve month high of $55.24. The stock has a market capitalization of $54.29 billion, a P/E ratio of 27.58, a PEG ratio of 2.39 and a beta of 1.87. The business’s fifty day moving average price is $40.81 and its 200 day moving average price is $43.90.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results 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 7.81% and a return on equity of 7.40%. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.42 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of recent research reports. Scotiabank decreased their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research report on Friday. BMO Capital Markets reduced their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday. Raymond James raised their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Jefferies Financial Group downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $48.00 to $40.00 in a report on Friday. Finally, Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.46.

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.