Corebridge Financial Inc. Sells 20,471 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Corebridge Financial Inc. lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 5.8% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 330,251 shares of the natural resource company’s stock after selling 20,471 shares during the period. Corebridge Financial Inc.’s holdings in Freeport-McMoRan were worth $12,576,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Asset Planning Inc purchased a new stake in shares of Freeport-McMoRan in the 4th quarter valued at about $25,000. Vision Financial Markets LLC purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth about $27,000. Laurel Wealth Advisors LLC increased its position in shares of Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 600 shares during the last quarter. Roxbury Financial LLC purchased a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $28,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $29,000. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, March 20th. Jefferies Financial Group raised Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their target price for the company from $40.00 to $48.00 in a research note on Thursday, February 27th. BMO Capital Markets dropped their price target on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. JPMorgan Chase & Co. upgraded Freeport-McMoRan from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $48.00 to $52.00 in a research report on Thursday, March 20th. Finally, Scotiabank dropped their target price on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research report on Friday, January 24th. 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 stock. Based on data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.04.

Freeport-McMoRan Price Performance

FCX stock opened at $43.08 on Wednesday. The stock has a market capitalization of $61.91 billion, a price-to-earnings ratio of 33.40, a PEG ratio of 0.87 and a beta of 1.87. The firm’s 50-day moving average price is $38.15 and its two-hundred day moving average price is $42.00. 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 Inc. has a 12-month low of $33.98 and a 12-month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 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%. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current 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.