Proficio Capital Partners LLC Sells 10,357 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Proficio Capital Partners LLC trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 20.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 41,400 shares of the natural resource company’s stock after selling 10,357 shares during the quarter. Proficio Capital Partners LLC’s holdings in Freeport-McMoRan were worth $1,577,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FCX. M&T Bank Corp boosted its position in shares of Freeport-McMoRan by 8.5% during the fourth quarter. M&T Bank Corp now owns 116,255 shares of the natural resource company’s stock valued at $4,427,000 after purchasing an additional 9,071 shares in the last quarter. LVZ Inc. lifted its position in Freeport-McMoRan by 19.5% during the fourth quarter. LVZ Inc. now owns 7,654 shares of the natural resource company’s stock valued at $291,000 after buying an additional 1,249 shares during the period. Assetmark Inc. boosted its holdings in shares of Freeport-McMoRan by 12.4% during the 4th quarter. Assetmark Inc. now owns 76,866 shares of the natural resource company’s stock valued at $2,927,000 after buying an additional 8,472 shares in the last quarter. Oak Grove Capital LLC purchased a new stake in shares of Freeport-McMoRan in the 4th quarter worth about $678,000. Finally, Laffer Tengler Investments Inc. increased its stake in shares of Freeport-McMoRan by 29.9% in the 4th quarter. Laffer Tengler Investments Inc. now owns 6,217 shares of the natural resource company’s stock worth $237,000 after acquiring an additional 1,431 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on FCX shares. Scotiabank dropped 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, January 24th. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. 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. Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Finally, StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.75.

Freeport-McMoRan Price Performance

FCX opened at $40.41 on Thursday. The company’s 50-day simple moving average is $37.99 and its two-hundred day simple moving average is $42.00. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The stock has a market capitalization of $58.08 billion, a P/E ratio of 31.33, a P/E/G ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a 52-week low of $33.98 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data 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 net margin of 7.42% and a return on equity of 7.50%. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS 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.