Freeport-McMoRan Inc. (NYSE:FCX) Holdings Lifted by Laffer Tengler Investments Inc.

Laffer Tengler Investments Inc. increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 29.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,217 shares of the natural resource company’s stock after acquiring an additional 1,431 shares during the period. Laffer Tengler Investments Inc.’s holdings in Freeport-McMoRan were worth $237,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FCX. Sanctuary Advisors LLC grew its stake in shares of Freeport-McMoRan by 9.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock worth $8,219,000 after purchasing an additional 14,501 shares during the last quarter. Easterly Investment Partners LLC grew its position in Freeport-McMoRan by 137.5% in the third quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock worth $7,375,000 after buying an additional 85,542 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Freeport-McMoRan in the third quarter worth approximately $754,000. Summit Global Investments increased its holdings in shares of Freeport-McMoRan by 1,559.3% in the third quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock valued at $3,819,000 after buying an additional 71,883 shares in the last quarter. Finally, AIA Group Ltd lifted its position in shares of Freeport-McMoRan by 16.2% during the 3rd quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock valued at $4,604,000 after acquiring an additional 12,887 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FCX has been the topic of a number of recent analyst reports. Jefferies Financial Group raised Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their target price for the stock from $40.00 to $48.00 in a research report on Thursday, February 27th. Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. JPMorgan Chase & Co. reduced their price objective 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. Scotiabank dropped their target price on shares of 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. Finally, Argus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $52.04.

Freeport-McMoRan Trading Down 1.7 %

Shares of NYSE:FCX opened at $34.93 on Wednesday. The firm has a fifty day moving average of $38.23 and a two-hundred day moving average of $42.54. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12-month low of $34.26 and a 12-month high of $55.24. The firm has a market capitalization of $50.20 billion, a P/E ratio of 27.08, a price-to-earnings-growth ratio of 0.87 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last released 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 net margin of 7.42% and a return on equity of 7.50%. On average, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

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.