Parkside Investments LLC Has $9.80 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Parkside Investments LLC lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.3% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 257,254 shares of the natural resource company’s stock after selling 3,420 shares during the period. Freeport-McMoRan accounts for about 1.5% of Parkside Investments LLC’s portfolio, making the stock its 28th largest position. Parkside Investments LLC’s holdings in Freeport-McMoRan were worth $9,796,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in FCX. Fisher Asset Management LLC raised its position in Freeport-McMoRan by 2.4% in the 3rd 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 last quarter. Geode Capital Management LLC increased its stake in shares of Freeport-McMoRan by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock valued at $1,436,455,000 after buying an additional 529,099 shares during the period. Franklin Resources Inc. lifted its stake in shares of Freeport-McMoRan by 9.5% during the third quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock valued at $1,348,522,000 after acquiring an additional 2,366,187 shares during the period. Mountaineer Partners Management LLC boosted its holdings in 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 valued at $595,702,000 after acquiring an additional 11,687,982 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Freeport-McMoRan by 1.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 8,223,038 shares of the natural resource company’s stock worth $410,494,000 after purchasing an additional 127,251 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Jefferies Financial Group lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and reduced their target price for the company from $48.00 to $40.00 in a research note on Friday. Scotiabank reduced their price objective on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Friday. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. JPMorgan Chase & Co. reduced their price target on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Finally, Raymond James lifted their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $51.46.

Freeport-McMoRan Price Performance

NYSE FCX opened at $37.78 on Monday. 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. The business has a 50 day simple moving average of $40.81 and a 200 day simple moving average of $43.85. The stock has a market cap of $54.29 billion, a price-to-earnings ratio of 27.58, a PEG ratio of 2.39 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. Analysts anticipate that Freeport-McMoRan Inc. will post 1.42 earnings per share for the current fiscal year.

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.