Kestra Investment Management LLC Cuts Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Kestra Investment Management LLC lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 51.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,078 shares of the natural resource company’s stock after selling 6,322 shares during the period. Kestra Investment Management LLC’s holdings in Freeport-McMoRan were worth $231,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of FCX. Atria Wealth Solutions Inc. raised its position in shares of Freeport-McMoRan by 1.7% in the 4th quarter. Atria Wealth Solutions Inc. now owns 69,258 shares of the natural resource company’s stock worth $2,637,000 after acquiring an additional 1,135 shares in the last quarter. Mraz Amerine & Associates Inc. grew its stake in Freeport-McMoRan by 4.6% in the fourth quarter. Mraz Amerine & Associates Inc. now owns 59,676 shares of the natural resource company’s stock valued at $2,272,000 after purchasing an additional 2,607 shares during the last quarter. Venturi Wealth Management LLC raised its holdings in Freeport-McMoRan by 68.8% in the fourth quarter. Venturi Wealth Management LLC now owns 29,974 shares of the natural resource company’s stock worth $1,141,000 after purchasing an additional 12,213 shares in the last quarter. Citizens & Northern Corp boosted its holdings in shares of Freeport-McMoRan by 2.4% in the 4th quarter. Citizens & Northern Corp now owns 18,907 shares of the natural resource company’s stock valued at $720,000 after buying an additional 450 shares in the last quarter. Finally, Empower Advisory Group LLC grew its position in shares of Freeport-McMoRan by 5,518.7% in the 4th quarter. Empower Advisory Group LLC now owns 549,622 shares of the natural resource company’s stock worth $20,930,000 after buying an additional 539,840 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX opened at $38.58 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 12-month low of $34.89 and a 12-month high of $55.24. The firm has a 50 day moving average of $38.68 and a two-hundred day moving average of $42.76. The firm has a market capitalization of $55.44 billion, a PE ratio of 29.91, a P/E/G ratio of 0.88 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last posted its 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%. On average, analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FCX. Scotiabank decreased their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research report on Friday, January 24th. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Sanford C. Bernstein downgraded 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 research note on Tuesday, January 7th. Raymond James increased their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. dropped their price target on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Nine investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and an average price target of $51.46.

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.