Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by iA Global Asset Management Inc.

iA Global Asset Management Inc. lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 94.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,210 shares of the natural resource company’s stock after selling 96,800 shares during the period. iA Global Asset Management Inc.’s holdings in Freeport-McMoRan were worth $198,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of FCX. Mountaineer Partners Management LLC increased its holdings in shares of Freeport-McMoRan by 4,767.8% in the third quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock valued at $595,702,000 after purchasing an additional 11,687,982 shares during the period. Amundi grew its holdings in Freeport-McMoRan by 30.2% during the fourth quarter. Amundi now owns 21,580,960 shares of the natural resource company’s stock worth $857,305,000 after acquiring an additional 5,001,531 shares during the period. Assenagon Asset Management S.A. grew its holdings in Freeport-McMoRan by 142.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company’s stock worth $162,964,000 after acquiring an additional 2,515,103 shares during the period. Franklin Resources Inc. grew its holdings in Freeport-McMoRan by 9.5% during the third quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock worth $1,348,522,000 after acquiring an additional 2,366,187 shares during the period. Finally, Fisher Asset Management LLC grew its holdings in Freeport-McMoRan by 2.4% during the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after acquiring an additional 1,392,494 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on FCX shares. JPMorgan Chase & Co. raised Freeport-McMoRan from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $48.00 to $52.00 in a report on Thursday. Dbs Bank raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. BMO Capital Markets lowered their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Finally, Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a report on Thursday, March 6th. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $52.04.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $40.31 on Friday. The business’s 50-day moving average price is $38.03 and its 200 day moving average price is $41.97. Freeport-McMoRan Inc. has a twelve month low of $33.98 and a twelve month high of $55.24. The company has a market capitalization of $57.93 billion, a PE ratio of 31.25, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last released its 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 return on equity of 7.50% and a net margin of 7.42%. On average, research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

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.