Wellington Shields & Co. LLC Reduces Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)


Share on StockTwits

Wellington Shields & Co. LLC cut its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 11.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 39,430 shares of the natural resource company’s stock after selling 5,200 shares during the quarter. Wellington Shields & Co. LLC’s holdings in Freeport-McMoRan were worth $1,026,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. CWM LLC raised its position in shares of Freeport-McMoRan by 79.7% during the 3rd quarter. CWM LLC now owns 4,894 shares of the natural resource company’s stock valued at $77,000 after buying an additional 2,171 shares during the period. Nisa Investment Advisors LLC raised its position in Freeport-McMoRan by 56.6% in the third quarter. Nisa Investment Advisors LLC now owns 158,801 shares of the natural resource company’s stock valued at $2,484,000 after purchasing an additional 57,386 shares during the period. NEXT Financial Group Inc acquired a new stake in shares of Freeport-McMoRan during the 3rd quarter worth about $113,000. Pinnacle Associates Ltd. increased its position in shares of Freeport-McMoRan by 21.4% during the 3rd quarter. Pinnacle Associates Ltd. now owns 311,196 shares of the natural resource company’s stock worth $4,867,000 after purchasing an additional 54,875 shares during the last quarter. Finally, Prestige Wealth Management Group LLC boosted its stake in Freeport-McMoRan by 5.7% during the third quarter. Prestige Wealth Management Group LLC now owns 11,249 shares of the natural resource company’s stock worth $176,000 after buying an additional 611 shares during the period. 72.30% of the stock is owned by institutional investors and hedge funds.

Several analysts recently weighed in on the stock. The Goldman Sachs Group assumed coverage on shares of Freeport-McMoRan in a report on Wednesday, November 11th. They issued a “conviction-buy” rating and a $25.00 target price for the company. B. Riley lifted their price objective on Freeport-McMoRan from $32.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday. Johnson Rice assumed coverage on Freeport-McMoRan in a research note on Wednesday, December 16th. They set a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Freeport-McMoRan from $20.00 to $33.00 and gave the stock a “buy” rating in a research note on Wednesday, January 13th. Finally, Argus raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a research note on Tuesday, January 5th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $23.12.

Shares of FCX traded down $0.86 during midday trading on Tuesday, reaching $37.22. The stock had a trading volume of 752,882 shares, compared to its average volume of 24,691,752. The company has a market cap of $54.08 billion, a price-to-earnings ratio of -423.06 and a beta of 2.27. The company’s fifty day simple moving average is $30.72 and its two-hundred day simple moving average is $21.86. Freeport-McMoRan Inc. has a 1-year low of $4.82 and a 1-year high of $39.10. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.61 and a quick ratio of 1.35.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Monday, January 25th. The natural resource company reported $0.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.01. The company had revenue of $4.50 billion for the quarter, compared to analysts’ expectations of $4.33 billion. Freeport-McMoRan had a positive return on equity of 1.56% and a negative net margin of 0.73%. Freeport-McMoRan’s quarterly revenue was up 14.9% on a year-over-year basis. During the same period last year, the firm earned $0.02 earnings per share. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 0.56 earnings per share for the current year.

In related news, VP C Donald Whitmire, Jr. sold 48,240 shares of Freeport-McMoRan stock in a transaction on Friday, February 12th. The shares were sold at an average price of $30.84, for a total transaction of $1,487,721.60. Following the sale, the vice president now directly owns 85,492 shares in the company, valued at approximately $2,636,573.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kathleen L. Quirk sold 485,000 shares of the firm’s stock in a transaction dated Friday, December 4th. The stock was sold at an average price of $25.27, for a total value of $12,255,950.00. Following the transaction, the chief financial officer now directly owns 1,890,655 shares in the company, valued at approximately $47,776,851.85. The disclosure for this sale can be found here. Insiders have sold a total of 1,001,127 shares of company stock worth $25,520,387 in the last three months. Corporate insiders own 1.00% of the company’s stock.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

See Also: Holder of Record

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX).

Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.