K.J. Harrison & Partners Inc Reduces Stake in Freeport-McMoRan Inc (NYSE:FCX)
K.J. Harrison & Partners Inc has recently disclosed a 26.0% reduction in its holdings of shares in Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, according to the latest filing with the Securities and Exchange Commission (SEC). The firm now possesses 176,970 shares of the natural resource company’s stock after selling 62,110 shares over the period. This investment represents about 1.1% of K.J. Harrison & Partners Inc’s portfolio, positioning Freeport-McMoRan as their 23rd largest holding, valued at approximately $6.70 million at the time of the filing.
Various hedge funds have also adjusted their positions in the company. Noteworthy is Mountaineer Partners Management LLC, which significantly increased its ownership by 4,767.8% during the third quarter, now holding 11,933,126 shares valued at around $595.70 million. Similarly, Assenagon Asset Management S.A. expanded its stake by 142.5% in the fourth quarter, translating to a holding worth approximately $162.96 million.
Additionally, Franklin Resources Inc. grew its investment by 9.5% in the third quarter, with a substantial ownership totaling 27,310,294 shares valued at around $1.35 billion. Los Angeles Capital Management LLC recorded a noteworthy 423.5% increase in their stake during the same quarter. Meanwhile, Fisher Asset Management LLC reported a modest 2.4% rise in their shares, culminating in an ownership of 59,409,395 shares valued at nearly $2.97 billion. In total, institutional investors own 80.77% of Freeport-McMoRan’s stock.
Recently, the company has been the focus of various analysts. While Argus has downgraded Freeport-McMoRan from a “buy” to a “hold” rating, others like Sanford C. Bernstein also adjusted their assessment from “outperform” to “market perform,” with a price objective decrease from $51.00 to $46.00. Analysts from BMO Capital Markets and JPMorgan Chase & Co. have similarly reduced their target prices for the stock. Despite this, the consensus among analysts is a “Moderate Buy,” with a target average price of $51.46.
Opening at $38.03 on a recent Thursday, Freeport-McMoRan Inc. has experienced fluctuations within a 52-week range of $34.89 to $55.24. The company currently has a market capitalization of $54.64 billion, a price-to-earnings (P/E) ratio of 29.48, and a P/E/G ratio of 0.87. With a beta of 1.85, the firm maintains a quick ratio of 1.18, a current ratio of 2.42, and a debt-to-equity ratio of 0.31, highlighting its financial standing.
The firm reported its earnings for the recent quarter, noting an EPS (Earnings Per Share) of $0.31, missing analysts’ expectations by $0.05. Despite a return on equity of 7.50% and a net margin of 7.42%, analysts forecast Freeport-McMoRan Inc. to post earnings of 1.68 per share for the ongoing year.
Freeport-McMoRan Inc is a significant player in the mining industry, focusing on mineral properties located in North America, South America, and Indonesia. Its primary mineral explorations include copper, gold, molybdenum, silver, and various other metals. Some of its notable assets encompass the Grasberg minerals district in Indonesia, and several other sites spread across Arizona, New Mexico, Colorado, Peru, and Chile.
