Freeport-McMoRan Inc. (NYSE:FCX) Shares Purchased by Great Lakes Advisors LLC

Great Lakes Advisors LLC grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 2.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,507,698 shares of the natural resource company’s stock after acquiring an additional 33,993 shares during the quarter. Great Lakes Advisors LLC’s holdings in Freeport-McMoRan were worth $57,413,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fisher Asset Management LLC lifted its holdings in Freeport-McMoRan by 2.4% in the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after acquiring an additional 1,392,494 shares during the last quarter. Geode Capital Management LLC increased its holdings in Freeport-McMoRan by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock valued at $1,436,455,000 after purchasing an additional 529,099 shares during the last quarter. Franklin Resources Inc. raised its position in Freeport-McMoRan by 9.5% in the third quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock valued at $1,348,522,000 after purchasing an additional 2,366,187 shares during the period. Amundi lifted its stake in Freeport-McMoRan by 30.2% during the fourth quarter. Amundi now owns 21,580,960 shares of the natural resource company’s stock worth $857,305,000 after purchasing an additional 5,001,531 shares in the last quarter. Finally, Mountaineer Partners Management LLC boosted its position in shares of Freeport-McMoRan by 4,767.8% during the third quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock worth $595,702,000 after buying an additional 11,687,982 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

FCX has been the topic of several research reports. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Scotiabank reduced 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 report on Friday, January 24th. Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a report on Thursday, March 6th. Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. lowered their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Seven equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $51.75.

Freeport-McMoRan Stock Up 4.0 %

FCX stock opened at $35.88 on Wednesday. The stock has a market capitalization of $51.55 billion, a PE ratio of 27.81, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87. The company has a fifty day moving average of $37.94 and a 200-day moving average of $42.22. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. Freeport-McMoRan Inc. has a one year low of $33.98 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly 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 net margin of 7.42% and a return on equity of 7.50%. As a group, 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.