Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 186.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,269,218 shares of the natural resource company's stock after buying an additional 826,582 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.09% of Freeport-McMoRan worth $48,332,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of FCX. Sanctuary Advisors LLC raised its position in shares of Freeport-McMoRan by 9.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company's stock worth $8,219,000 after purchasing an additional 14,501 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Freeport-McMoRan in the third quarter worth $754,000. Principal Financial Group Inc. lifted its position in shares of Freeport-McMoRan by 4.1% in the third quarter. Principal Financial Group Inc. now owns 1,684,393 shares of the natural resource company's stock valued at $84,085,000 after acquiring an additional 66,699 shares in the last quarter. Czech National Bank lifted its position in shares of Freeport-McMoRan by 6.4% in the fourth quarter. Czech National Bank now owns 311,555 shares of the natural resource company's stock valued at $11,864,000 after acquiring an additional 18,852 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of Freeport-McMoRan by 1,206.8% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 13,055 shares of the natural resource company's stock valued at $652,000 after acquiring an additional 12,056 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.
Freeport-McMoRan Stock Up 2.1 %
NYSE FCX traded up $0.79 on Thursday, reaching $37.57. The company had a trading volume of 20,677,060 shares, compared to its average volume of 15,469,949. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. Freeport-McMoRan Inc. has a 1 year low of $33.98 and a 1 year high of $55.24. The firm has a 50-day moving average of $37.92 and a 200-day moving average of $42.18. The firm has a market capitalization of $53.98 billion, a PE ratio of 29.12, a P/E/G ratio of 0.87 and a beta of 1.87.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its 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 net margin of 7.42% and a return on equity of 7.50%. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
A number of equities analysts have recently weighed in on FCX shares. Jefferies Financial Group raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and boosted their price objective for the company from $40.00 to $48.00 in a research report on Thursday, February 27th. StockNews.com upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective on the stock in a report on Thursday, March 6th. Argus lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, January 31st. Finally, JPMorgan Chase & Co. decreased 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. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan has a consensus rating of "Moderate Buy" and an average price target of $51.75.
Check Out Our Latest Report on Freeport-McMoRan
Freeport-McMoRan Company Profile
(
Free Report)
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.
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