Intact Investment Management Inc. Buys 4,200 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Intact Investment Management Inc. increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 46.2% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 13,300 shares of the natural resource company’s stock after acquiring an additional 4,200 shares during the quarter. Intact Investment Management Inc.’s holdings in Freeport-McMoRan were worth $506,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Sanctuary Advisors LLC grew its holdings in Freeport-McMoRan by 9.7% during the third quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock worth $8,219,000 after buying an additional 14,501 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Freeport-McMoRan during the third quarter worth $754,000. Principal Financial Group Inc. grew its holdings in Freeport-McMoRan by 4.1% during the third quarter. Principal Financial Group Inc. now owns 1,684,393 shares of the natural resource company’s stock worth $84,085,000 after buying an additional 66,699 shares in the last quarter. Czech National Bank grew its holdings in Freeport-McMoRan by 6.4% during the fourth quarter. Czech National Bank now owns 311,555 shares of the natural resource company’s stock worth $11,864,000 after buying an additional 18,852 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. grew its holdings in Freeport-McMoRan by 1,206.8% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 13,055 shares of the natural resource company’s stock worth $652,000 after buying an additional 12,056 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

FCX has been the topic of several research analyst reports. Scotiabank cut their price objective on 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. BMO Capital Markets cut their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a research report on Thursday, March 6th. Finally, JPMorgan Chase & Co. cut their price objective on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Six equities 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 company. According to MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $51.75.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $38.91 on Friday. The stock’s 50-day simple moving average is $37.93 and its 200 day simple moving average is $42.09. The stock has a market capitalization of $55.91 billion, a price-to-earnings ratio of 30.16, 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 quick ratio of 1.18 and a current ratio of 2.42. Freeport-McMoRan Inc. has a 52-week low of $33.98 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data 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 return on equity of 7.50% and a net margin of 7.42%. Research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

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.