Fifth Third Bancorp Has $28.37 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Fifth Third Bancorp grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 7.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 744,889 shares of the natural resource company's stock after buying an additional 49,213 shares during the quarter. Fifth Third Bancorp owned approximately 0.05% of Freeport-McMoRan worth $28,365,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Sanctuary Advisors LLC increased its holdings in Freeport-McMoRan by 9.7% during the third quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company's stock worth $8,219,000 after buying an additional 14,501 shares during the last quarter. Easterly Investment Partners LLC grew its position in shares of Freeport-McMoRan by 137.5% in the 3rd quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company's stock valued at $7,375,000 after acquiring an additional 85,542 shares during the period. Summit Global Investments increased its stake in shares of Freeport-McMoRan by 1,559.3% during the 3rd quarter. Summit Global Investments now owns 76,493 shares of the natural resource company's stock worth $3,819,000 after purchasing an additional 71,883 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at about $754,000. Finally, AIA Group Ltd lifted its stake in Freeport-McMoRan by 16.2% in the 3rd quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company's stock valued at $4,604,000 after purchasing an additional 12,887 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on FCX shares. Scotiabank cut their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating for the company in a research report on Friday. BMO Capital Markets reduced their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating for the company in a research report on Friday. Sanford C. Bernstein cut shares of Freeport-McMoRan from an "outperform" rating to a "market perform" rating and lowered their price target for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. JPMorgan Chase & Co. reduced their price target on Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating for the company in a research note on Thursday, January 16th. Finally, Raymond James boosted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a research report on Wednesday, October 23rd. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $51.46.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock traded down $0.72 during trading on Friday, reaching $37.78. 19,073,988 shares of the company's stock were exchanged, compared to its average volume of 10,110,935. The firm's 50-day moving average price is $40.81 and its 200 day moving average price is $43.85. The company has a market cap of $54.29 billion, a P/E ratio of 27.58, a PEG ratio of 2.39 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. Freeport-McMoRan Inc. has a 1-year low of $36.26 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 1.42 earnings per share 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.