M&T Bank Corp Buys 9,071 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

M&T Bank Corp raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 8.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 116,255 shares of the natural resource company's stock after buying an additional 9,071 shares during the period. M&T Bank Corp's holdings in Freeport-McMoRan were worth $4,427,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Sanctuary Advisors LLC increased its holdings in shares of 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 in the last quarter. Easterly Investment Partners LLC increased its holdings in shares of Freeport-McMoRan by 137.5% in the third quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company's stock valued at $7,375,000 after purchasing an additional 85,542 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Freeport-McMoRan in the third quarter valued at approximately $754,000. Summit Global Investments increased its holdings in shares of Freeport-McMoRan by 1,559.3% in the third quarter. Summit Global Investments now owns 76,493 shares of the natural resource company's stock valued at $3,819,000 after purchasing an additional 71,883 shares in the last quarter. Finally, AIA Group Ltd increased its holdings in shares of Freeport-McMoRan by 16.2% in the third 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 in the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

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Analyst Ratings Changes

A number of brokerages recently weighed in on FCX. BMO Capital Markets lowered their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating for the company in a report on Friday, January 24th. Argus cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, January 31st. Scotiabank reduced 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. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective on the stock in a research note on Thursday. Finally, Jefferies Financial Group raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and raised their price objective for the company from $40.00 to $48.00 in a research note on Thursday, February 27th. Seven investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and an average price target of $51.75.

Freeport-McMoRan Trading Down 6.7 %

Shares of NYSE FCX traded down $2.47 during midday trading on Monday, reaching $34.48. 21,423,601 shares of the stock were exchanged, compared to its average volume of 15,322,937. The business has a 50-day simple moving average of $37.98 and a two-hundred day simple moving average of $42.28. The company has a market capitalization of $49.54 billion, a price-to-earnings ratio of 26.73, a P/E/G ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a 12 month low of $33.98 and a 12 month high of $55.24. 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 (NYSE:FCX - Get Free Report) last posted its quarterly earnings data 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 net margin of 7.42% and a return on equity of 7.50%. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Profile

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.