Black Swift Group LLC Sells 30,390 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Black Swift Group LLC lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 58.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 21,960 shares of the natural resource company’s stock after selling 30,390 shares during the period. Black Swift Group LLC’s holdings in Freeport-McMoRan were worth $836,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Fisher Asset Management LLC increased its position in shares of Freeport-McMoRan by 2.4% in the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after purchasing an additional 1,392,494 shares during the period. Geode Capital Management LLC increased its position in shares of Freeport-McMoRan by 1.9% in the third quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock worth $1,436,455,000 after purchasing an additional 529,099 shares during the period. Franklin Resources Inc. increased its position in shares of Freeport-McMoRan by 9.5% in the third quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock worth $1,348,522,000 after purchasing an additional 2,366,187 shares during the period. Mountaineer Partners Management LLC increased its position in shares of Freeport-McMoRan by 4,767.8% in the third quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock worth $595,702,000 after purchasing an additional 11,687,982 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Freeport-McMoRan by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,487,881 shares of the natural resource company’s stock valued at $323,219,000 after buying an additional 264,843 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on FCX shares. Scotiabank reduced their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Friday, January 24th. BMO Capital Markets reduced their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Finally, JPMorgan Chase & Co. cut 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. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $52.04.

Freeport-McMoRan Price Performance

Shares of FCX opened at $38.16 on Thursday. The company has a market capitalization of $54.83 billion, a price-to-earnings ratio of 29.58, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87. The business has a 50-day moving average of $38.15 and a 200-day moving average of $42.48. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. Freeport-McMoRan Inc. has a 1 year low of $34.26 and a 1 year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

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.