LGT Fund Management Co Ltd. Boosts Position in Freeport-McMoRan Inc. (NYSE:FCX)

LGT Fund Management Co Ltd. boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 7.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 73,862 shares of the natural resource company’s stock after buying an additional 4,800 shares during the quarter. LGT Fund Management Co Ltd.’s holdings in Freeport-McMoRan were worth $2,813,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. LGT Group Foundation raised its position in Freeport-McMoRan by 11.7% during the 4th quarter. LGT Group Foundation now owns 211,355 shares of the natural resource company’s stock worth $8,048,000 after buying an additional 22,169 shares during the last quarter. DJE Kapital AG purchased a new position in Freeport-McMoRan during the 4th quarter worth approximately $3,574,000. SBI Securities Co. Ltd. purchased a new position in Freeport-McMoRan during the 4th quarter worth approximately $194,000. Jones Financial Companies Lllp raised its position in Freeport-McMoRan by 28.2% during the 4th quarter. Jones Financial Companies Lllp now owns 30,190 shares of the natural resource company’s stock worth $1,150,000 after buying an additional 6,639 shares during the last quarter. Finally, Norden Group LLC raised its position in Freeport-McMoRan by 6.8% during the 4th quarter. Norden Group LLC now owns 24,459 shares of the natural resource company’s stock worth $931,000 after buying an additional 1,559 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Trading Down 1.3 %

Shares of FCX opened at $36.92 on Monday. Freeport-McMoRan Inc. has a 52-week low of $34.89 and a 52-week high of $55.24. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The firm’s fifty day moving average is $38.31 and its two-hundred day moving average is $42.60. The stock has a market cap of $53.05 billion, a PE ratio of 28.62, a price-to-earnings-growth ratio of 0.87 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. Research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. BMO Capital Markets dropped their price objective 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. Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Jefferies Financial Group raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their price objective for the stock from $40.00 to $48.00 in a research note on Thursday. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Finally, JPMorgan Chase & Co. dropped their price objective 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. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $52.04.

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.