Freeport-McMoRan Inc. (NYSE:FCX) Stake Increased by PGGM Investments

PGGM Investments raised its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 220.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,467 shares of the natural resource company’s stock after acquiring an additional 27,834 shares during the quarter. PGGM Investments’ holdings in Freeport-McMoRan were worth $1,541,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Apollon Wealth Management LLC grew its stake in Freeport-McMoRan by 5.7% in the third 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 in the last quarter. First National Trust Co lifted its holdings in 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 buying an additional 1,286 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Freeport-McMoRan in the 3rd quarter worth approximately $253,000. Ashton Thomas Private Wealth LLC increased its holdings in shares of Freeport-McMoRan by 3.4% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 19,019 shares of the natural resource company’s stock valued at $949,000 after acquiring an additional 619 shares during the last quarter. Finally, Pinnacle Financial Partners Inc acquired a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at approximately $201,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Trading Up 2.1 %

NYSE:FCX opened at $37.57 on Friday. The stock has a market cap of $53.98 billion, a price-to-earnings ratio of 29.12, a PEG ratio of 0.87 and a beta of 1.87. 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 1 year low of $33.98 and a 1 year high of $55.24. The business has a fifty day moving average of $37.92 and a 200-day moving average of $42.18.

Freeport-McMoRan (NYSE:FCX) last announced its 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%. Equities analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on FCX shares. Scotiabank decreased 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. Jefferies Financial Group raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price target for the company from $40.00 to $48.00 in a report on Thursday, February 27th. StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Wednesday. Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Finally, Dbs Bank raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday. Six 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’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $51.75.

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.