Zurcher Kantonalbank Zurich Cantonalbank Has $14.94 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 15.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 392,207 shares of the natural resource company's stock after acquiring an additional 53,118 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Freeport-McMoRan were worth $14,935,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Sanctuary Advisors LLC grew its position in Freeport-McMoRan by 9.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company's stock valued at $8,219,000 after buying an additional 14,501 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Freeport-McMoRan during the third quarter valued at approximately $754,000. Principal Financial Group Inc. lifted its position in 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 worth $84,085,000 after purchasing an additional 66,699 shares during the period. Czech National Bank boosted its stake in Freeport-McMoRan by 6.4% during the 4th quarter. Czech National Bank now owns 311,555 shares of the natural resource company's stock valued at $11,864,000 after purchasing an additional 18,852 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. increased its position in shares of Freeport-McMoRan by 1,206.8% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 13,055 shares of the natural resource company's stock valued at $652,000 after purchasing an additional 12,056 shares during the period. 80.77% of the stock is owned by institutional investors.

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Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FCX. BMO Capital Markets decreased their target price on Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating for the company in a research note on Friday, January 24th. StockNews.com upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Wednesday. JPMorgan Chase & Co. cut their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating on the stock in a research note on Thursday, January 16th. Scotiabank dropped their target price on Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating on the stock in a report on Friday, January 24th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target for the company in a report on Thursday, March 6th. Six 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.75.

Freeport-McMoRan Stock Up 2.1 %

NYSE FCX traded up $0.79 during trading on Thursday, hitting $37.57. 20,677,060 shares of the company traded hands, compared to its average volume of 15,469,949. Freeport-McMoRan Inc. has a 12 month low of $33.98 and a 12 month high of $55.24. The business has a fifty day simple moving average of $37.92 and a 200 day simple moving average of $42.18. The company has a market capitalization of $53.98 billion, a P/E ratio of 29.12, a PEG ratio of 0.87 and a beta of 1.87. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. As a group, sell-side analysts predict 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.