Montgomery Investment Management Inc. Has $4.61 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Montgomery Investment Management Inc. cut its position in Freeport-McMoRan Inc. (NYSE:FCX) by 0.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 121,170 shares of the natural resource company’s stock after selling 400 shares during the quarter. Freeport-McMoRan comprises 1.8% of Montgomery Investment Management Inc.’s portfolio, making the stock its 18th biggest holding. Montgomery Investment Management Inc.’s holdings in Freeport-McMoRan were worth $4,614,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Mountaineer Partners Management LLC grew its holdings in shares of Freeport-McMoRan by 4,767.8% during the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock valued at $595,702,000 after purchasing an additional 11,687,982 shares during the last quarter. Assenagon Asset Management S.A. grew 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 valued at $162,964,000 after purchasing an additional 2,515,103 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Freeport-McMoRan by 9.5% during 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 purchasing an additional 2,366,187 shares during the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of 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 grew its holdings in shares of Freeport-McMoRan by 2.4% during the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after purchasing an additional 1,392,494 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Performance

FCX opened at $36.49 on Wednesday. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The company’s fifty day moving average price is $39.75 and its two-hundred day moving average price is $43.21. Freeport-McMoRan Inc. has a 1-year low of $34.89 and a 1-year high of $55.24. The company has a market cap of $52.43 billion, a price-to-earnings ratio of 28.29, a PEG ratio of 0.85 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data 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 return on equity of 7.50% and a net margin of 7.42%. On average, analysts expect that Freeport-McMoRan Inc. will post 1.75 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Scotiabank reduced their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a report on Friday, January 24th. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Jefferies Financial Group lowered shares of 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 report on Friday, January 24th. JPMorgan Chase & Co. reduced their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Finally, BMO Capital Markets reduced their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Nine analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus 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.