abrdn plc Has $48.05 Million Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

abrdn plc raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 10.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,258,896 shares of the natural resource company’s stock after purchasing an additional 116,695 shares during the period. abrdn plc owned approximately 0.09% of Freeport-McMoRan worth $48,046,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FCX. Sanctuary Advisors LLC lifted its position in shares of Freeport-McMoRan by 9.7% during the 3rd 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 during the last quarter. Easterly Investment Partners LLC lifted its holdings in shares of 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 acquiring an additional 85,542 shares during the last quarter. Summit Global Investments boosted its stake in shares of Freeport-McMoRan by 1,559.3% in the 3rd quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock valued at $3,819,000 after purchasing an additional 71,883 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at approximately $754,000. Finally, AIA Group Ltd grew its holdings 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 purchasing 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 research analyst reports. BMO Capital Markets cut their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. JPMorgan Chase & Co. reduced 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. Jefferies Financial Group downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating and dropped their target price for the company from $48.00 to $40.00 in a research report on Friday, January 24th. Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Finally, Scotiabank cut 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. Nine research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $51.46.

Freeport-McMoRan Stock Up 1.8 %

Shares of Freeport-McMoRan stock opened at $36.49 on Wednesday. The firm has a market cap of $52.43 billion, a price-to-earnings ratio of 28.29, a PEG ratio of 0.85 and a beta of 1.85. The stock’s 50-day moving average is $39.75 and its 200 day moving average is $43.21. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. Freeport-McMoRan Inc. has a one year low of $34.89 and a one year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data 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%. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.75 EPS for the current 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.