Victory Capital Management Inc. Has $21.54 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Victory Capital Management Inc. cut its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 565,563 shares of the natural resource company’s stock after selling 9,348 shares during the quarter. Victory Capital Management Inc.’s holdings in Freeport-McMoRan were worth $21,537,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Asset Planning Inc acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $25,000. Laurel Wealth Advisors LLC grew its position in Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 600 shares in the last quarter. Roxbury Financial LLC acquired a new stake in Freeport-McMoRan in the 4th quarter valued at $28,000. Kohmann Bosshard Financial Services LLC bought a new stake in Freeport-McMoRan during the 4th quarter worth about $29,000. Finally, Financial Life Planners acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth about $36,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Ratings Changes

FCX has been the topic of a number of recent research reports. BMO Capital Markets lowered their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Scotiabank lowered their price target on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Friday, January 24th. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a report on Thursday, March 6th. JPMorgan Chase & Co. lowered 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, Dbs Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday. Seven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $51.75.

Freeport-McMoRan Trading Up 4.0 %

Shares of FCX stock opened at $35.88 on Wednesday. Freeport-McMoRan Inc. has a 12-month low of $33.98 and a 12-month high of $55.24. The firm has a 50 day moving average price of $37.94 and a two-hundred day moving average price of $42.22. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $51.55 billion, a PE ratio of 27.81, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results 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%. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

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.