Fifth Third Bancorp Increases Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Fifth Third Bancorp increased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 7.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 744,889 shares of the natural resource company’s stock after purchasing an additional 49,213 shares during the quarter. Fifth Third Bancorp owned 0.05% of Freeport-McMoRan worth $28,365,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Deane Retirement Strategies Inc. increased its holdings in shares of Freeport-McMoRan by 0.4% in the third quarter. Deane Retirement Strategies Inc. now owns 47,144 shares of the natural resource company’s stock worth $2,357,000 after buying an additional 201 shares during the period. Koshinski Asset Management Inc. grew its position in Freeport-McMoRan by 1.0% during the 3rd quarter. Koshinski Asset Management Inc. now owns 20,777 shares of the natural resource company’s stock worth $1,037,000 after acquiring an additional 214 shares during the last quarter. Trust Co. of Vermont increased its stake in Freeport-McMoRan by 5.2% in the 3rd quarter. Trust Co. of Vermont now owns 4,577 shares of the natural resource company’s stock worth $228,000 after purchasing an additional 228 shares during the period. Fidelis Capital Partners LLC lifted its position in Freeport-McMoRan by 2.0% in the third quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock valued at $560,000 after purchasing an additional 231 shares during the last quarter. Finally, Prospera Private Wealth LLC boosted its stake in shares of Freeport-McMoRan by 4.4% during the third quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock valued at $277,000 after purchasing an additional 234 shares during the period. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Trading Down 1.9 %

NYSE:FCX opened at $37.78 on Friday. The firm has a market capitalization 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 current ratio of 2.33 and a quick ratio of 1.30. Freeport-McMoRan Inc. has a one year low of $36.26 and a one year high of $55.24. The company’s 50-day simple moving average is $40.81 and its 200 day simple moving average is $43.90.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates 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, analysts forecast that Freeport-McMoRan Inc. will post 1.42 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FCX. Scotiabank decreased their target price 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. Raymond James upped their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. BMO Capital Markets cut their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday. JPMorgan Chase & Co. reduced their price target on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Finally, Jefferies Financial Group cut Freeport-McMoRan from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $48.00 to $40.00 in a report on Friday. Eight investment 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 company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.46.

Freeport-McMoRan Company 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.