Zweig DiMenna Associates LLC Trims Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Zweig DiMenna Associates LLC lowered its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 252,810 shares of the natural resource company’s stock after selling 1,293 shares during the period. Zweig DiMenna Associates LLC’s holdings in Freeport-McMoRan were worth $9,627,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FCX. Sanctuary Advisors LLC raised its holdings in Freeport-McMoRan by 9.7% in the third quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock worth $8,219,000 after buying an additional 14,501 shares during the last quarter. Easterly Investment Partners LLC boosted its stake 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 valued at $7,375,000 after purchasing an additional 85,542 shares during the last quarter. Summit Global Investments increased its holdings in shares of Freeport-McMoRan by 1,559.3% in 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 in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Freeport-McMoRan during the third quarter valued at $754,000. Finally, AIA Group Ltd increased its holdings in Freeport-McMoRan by 16.2% in the 3rd quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock worth $4,604,000 after buying an additional 12,887 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $38.43 on Friday. The stock has a 50 day moving average price of $40.91 and a 200 day moving average price of $44.04. The firm has a market capitalization of $55.22 billion, a P/E ratio of 28.11, a P/E/G ratio of 2.39 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. Freeport-McMoRan Inc. has a 52-week low of $36.26 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.42 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FCX. Jefferies Financial Group downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and dropped their price target for the company from $48.00 to $40.00 in a report on Friday. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Scotiabank dropped their price target on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research note on Monday, January 6th. Raymond James lifted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Eight research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price of $51.81.

Freeport-McMoRan Company 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.