Hodges Capital Management Inc. Lowers Stake in Freeport-McMoRan Inc (FCX)

Hodges Capital Management Inc. cut its position in shares of Freeport-McMoRan Inc (NYSE:FCX) by 84.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 92,750 shares of the natural resource company’s stock after selling 497,086 shares during the period. Hodges Capital Management Inc.’s holdings in Freeport-McMoRan were worth $1,759,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Shell Asset Management Co. increased its position in shares of Freeport-McMoRan by 97.9% during the third quarter. Shell Asset Management Co. now owns 160,362 shares of the natural resource company’s stock valued at $5,236,000 after purchasing an additional 79,343 shares during the period. Ameriprise Financial Inc. increased its position in shares of Freeport-McMoRan by 10.8% during the third quarter. Ameriprise Financial Inc. now owns 2,761,342 shares of the natural resource company’s stock valued at $38,769,000 after purchasing an additional 270,171 shares during the period. Commerzbank Aktiengesellschaft FI increased its position in shares of Freeport-McMoRan by 114.3% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 1,667,157 shares of the natural resource company’s stock valued at $23,407,000 after purchasing an additional 889,048 shares during the period. Nomura Asset Management Co. Ltd. increased its position in shares of Freeport-McMoRan by 4.4% during the third quarter. Nomura Asset Management Co. Ltd. now owns 217,817 shares of the natural resource company’s stock valued at $3,058,000 after purchasing an additional 9,250 shares during the period. Finally, Oakbrook Investments LLC increased its position in shares of Freeport-McMoRan by 23.9% during the third quarter. Oakbrook Investments LLC now owns 107,600 shares of the natural resource company’s stock valued at $1,511,000 after purchasing an additional 20,750 shares during the period. Institutional investors and hedge funds own 68.21% of the company’s stock.

Several analysts recently commented on FCX shares. B. Riley set a $13.00 price target on Freeport-McMoRan and gave the company a “hold” rating in a research note on Wednesday, December 6th. FBR & Co set a $12.00 price target on Freeport-McMoRan and gave the company a “hold” rating in a research note on Friday, October 20th. Zacks Investment Research raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research note on Tuesday, November 14th. UBS Group boosted their price target on Freeport-McMoRan from $13.50 to $14.00 and gave the company a “neutral” rating in a research note on Monday, October 30th. Finally, Scotiabank reaffirmed a “hold” rating and issued a $19.00 price target on shares of Freeport-McMoRan in a research note on Monday, January 8th. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $16.24.

In other Freeport-McMoRan news, VP C Donald Whitmire, Jr. sold 21,500 shares of the business’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $19.49, for a total value of $419,035.00. Following the transaction, the vice president now owns 70,239 shares of the company’s stock, valued at $1,368,958.11. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.29% of the stock is currently owned by insiders.

Freeport-McMoRan Inc (FCX) opened at $17.57 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.14 and a quick ratio of 1.37. The company has a market capitalization of $24,840.64, a price-to-earnings ratio of 14.17 and a beta of 2.50. Freeport-McMoRan Inc has a one year low of $11.05 and a one year high of $20.25.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, January 25th. The natural resource company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.02. The company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $4.89 billion. Freeport-McMoRan had a return on equity of 16.57% and a net margin of 11.08%. The business’s revenue was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.25 earnings per share. sell-side analysts expect that Freeport-McMoRan Inc will post 2.16 EPS for the current year.

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Freeport-McMoRan Profile

Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc (NYSE:FCX).

Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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