Zurcher Kantonalbank Zurich Cantonalbank Purchases 53,118 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 15.7% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 392,207 shares of the natural resource company’s stock after buying an additional 53,118 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Freeport-McMoRan were worth $14,935,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of FCX. Verdence Capital Advisors LLC purchased a new stake in shares of Freeport-McMoRan during the 3rd quarter worth approximately $295,000. Assetmark Inc. increased its stake in shares of Freeport-McMoRan by 107.1% during the 3rd quarter. Assetmark Inc. now owns 68,394 shares of the natural resource company’s stock worth $3,414,000 after purchasing an additional 35,368 shares during the last quarter. Crossmark Global Holdings Inc. increased its stake in shares of Freeport-McMoRan by 1.5% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 54,567 shares of the natural resource company’s stock worth $2,724,000 after purchasing an additional 782 shares during the last quarter. Apollon Wealth Management LLC increased its stake in shares of Freeport-McMoRan by 5.7% during the 3rd quarter. Apollon Wealth Management LLC now owns 37,431 shares of the natural resource company’s stock worth $1,869,000 after purchasing an additional 2,031 shares during the last quarter. Finally, First National Trust Co increased its stake in shares of Freeport-McMoRan by 21.1% during the 3rd quarter. First National Trust Co now owns 7,377 shares of the natural resource company’s stock worth $368,000 after purchasing an additional 1,286 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 2.7 %

FCX opened at $36.84 on Thursday. The company has a fifty day moving average price of $37.92 and a 200-day moving average price of $42.18. The firm has a market capitalization of $52.94 billion, a P/E ratio of 28.56, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87. 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 one year low of $33.98 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released 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 net margin of 7.42% and a return on equity of 7.50%. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Analyst Ratings Changes

FCX has been the subject of several research analyst reports. 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 research note on Thursday, March 6th. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. JPMorgan Chase & Co. decreased their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Dbs Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday. Finally, Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.75.

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.