Swedbank AB Decreases Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Swedbank AB lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 3.4% in the fourth quarter, Holdings Channel reports. The firm owned 2,436,760 shares of the natural resource company’s stock after selling 86,639 shares during the period. Swedbank AB’s holdings in Freeport-McMoRan were worth $92,792,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. AQR Capital Management LLC increased its holdings in Freeport-McMoRan by 28.1% during the second quarter. AQR Capital Management LLC now owns 285,529 shares of the natural resource company’s stock worth $13,877,000 after buying an additional 62,663 shares during the last quarter. Creative Planning increased its stake in shares of Freeport-McMoRan by 28.7% during the 2nd quarter. Creative Planning now owns 202,693 shares of the natural resource company’s stock worth $9,851,000 after purchasing an additional 45,212 shares during the last quarter. Sunbelt Securities Inc. raised its holdings in shares of Freeport-McMoRan by 2.7% in the 2nd quarter. Sunbelt Securities Inc. now owns 11,441 shares of the natural resource company’s stock worth $556,000 after purchasing an additional 302 shares during the period. EP Wealth Advisors LLC raised its holdings in shares of Freeport-McMoRan by 10.6% in the 2nd quarter. EP Wealth Advisors LLC now owns 13,348 shares of the natural resource company’s stock worth $649,000 after purchasing an additional 1,282 shares during the period. Finally, Truist Financial Corp lifted its stake in Freeport-McMoRan by 22.8% in the second quarter. Truist Financial Corp now owns 135,608 shares of the natural resource company’s stock valued at $6,591,000 after purchasing an additional 25,214 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on FCX shares. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. JPMorgan Chase & Co. lowered their price objective 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. Raymond James lifted their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. BMO Capital Markets dropped their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Finally, Scotiabank cut their price objective on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, January 24th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average target price of $51.46.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $36.28 on Thursday. The business has a 50-day simple moving average of $40.36 and a 200 day simple moving average of $43.58. Freeport-McMoRan Inc. has a 52 week low of $35.46 and a 52 week high of $55.24. The stock has a market cap of $52.14 billion, a price-to-earnings ratio of 26.48, a PEG ratio of 2.39 and a beta of 1.87. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. On average, research analysts forecast that Freeport-McMoRan Inc. will post 1.42 earnings per share for the current fiscal 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.