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

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 15.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 392,207 shares of the natural resource company’s stock after purchasing an additional 53,118 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Freeport-McMoRan were worth $14,935,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FCX. Verdence Capital Advisors LLC bought a new stake in Freeport-McMoRan during the third quarter worth $295,000. Assetmark Inc. increased its holdings in Freeport-McMoRan by 107.1% in the third quarter. Assetmark Inc. now owns 68,394 shares of the natural resource company’s stock valued at $3,414,000 after purchasing an additional 35,368 shares during the period. Crossmark Global Holdings Inc. increased its holdings in Freeport-McMoRan by 1.5% in the third quarter. Crossmark Global Holdings Inc. now owns 54,567 shares of the natural resource company’s stock valued at $2,724,000 after purchasing an additional 782 shares during the period. Apollon Wealth Management LLC increased its holdings 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 valued at $1,869,000 after purchasing an additional 2,031 shares during the period. Finally, First National Trust Co increased its holdings in Freeport-McMoRan by 21.1% in the third quarter. First National Trust Co now owns 7,377 shares of the natural resource company’s stock valued at $368,000 after purchasing an additional 1,286 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $36.84 on Thursday. Freeport-McMoRan Inc. has a fifty-two week low of $33.98 and a fifty-two week high of $55.24. The stock has a market cap of $52.94 billion, a price-to-earnings ratio of 28.56, 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. The firm’s 50-day simple moving average is $37.92 and its 200 day simple moving average is $42.18.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing the consensus estimate 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, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

FCX has been the subject of a number of recent analyst reports. Sanford C. Bernstein downgraded 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 report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a report on Thursday, March 6th. Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday. Scotiabank decreased their price target on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, January 24th. Finally, StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Wednesday. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

About Freeport-McMoRan

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.