CIBC Asset Management Inc Has $8.55 Million Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

CIBC Asset Management Inc raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 3.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 224,387 shares of the natural resource company’s stock after purchasing an additional 8,317 shares during the quarter. CIBC Asset Management Inc’s holdings in Freeport-McMoRan were worth $8,545,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Asset Planning Inc acquired a new position in Freeport-McMoRan in the 4th quarter valued at approximately $25,000. Laurel Wealth Advisors LLC increased its stake in Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock valued at $28,000 after buying an additional 600 shares during the period. Roxbury Financial LLC acquired a new position in Freeport-McMoRan in the 4th quarter valued at approximately $28,000. Godsey & Gibb Inc. increased its stake in Freeport-McMoRan by 150.4% in the 3rd quarter. Godsey & Gibb Inc. now owns 576 shares of the natural resource company’s stock valued at $29,000 after buying an additional 346 shares during the period. Finally, Financial Life Planners acquired a new position in Freeport-McMoRan in the 4th quarter valued at approximately $36,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $39.27 on Wednesday. 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 Inc. has a fifty-two week low of $34.89 and a fifty-two week high of $55.24. The firm has a fifty day moving average price of $38.77 and a two-hundred day moving average price of $42.79. The company has a market cap of $56.42 billion, a PE ratio of 30.44, a price-to-earnings-growth ratio of 0.81 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly 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 7.42% and a return on equity of 7.50%. Analysts expect that Freeport-McMoRan Inc. will post 1.71 EPS for the current year.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Scotiabank dropped their price target 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. JPMorgan Chase & Co. dropped their price target 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. Jefferies Financial Group lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and dropped their price target for the stock from $48.00 to $40.00 in a research note on Friday, January 24th. Finally, Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Nine analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $51.46.

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.