LGT Fund Management Co Ltd. Increases Stake in Freeport-McMoRan Inc. (NYSE:FCX)

LGT Fund Management Co Ltd. grew its position in Freeport-McMoRan Inc. (NYSE:FCX) by 7.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 73,862 shares of the natural resource company’s stock after acquiring an additional 4,800 shares during the quarter. LGT Fund Management Co Ltd.’s holdings in Freeport-McMoRan were worth $2,813,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. LGT Group Foundation grew its holdings in shares of Freeport-McMoRan by 11.7% in the fourth quarter. LGT Group Foundation now owns 211,355 shares of the natural resource company’s stock worth $8,048,000 after purchasing an additional 22,169 shares during the last quarter. DJE Kapital AG bought a new position in shares of Freeport-McMoRan in the fourth quarter worth about $3,574,000. SBI Securities Co. Ltd. bought a new position in shares of Freeport-McMoRan in the fourth quarter worth about $194,000. Jones Financial Companies Lllp grew its holdings in shares of Freeport-McMoRan by 28.2% in the fourth quarter. Jones Financial Companies Lllp now owns 30,190 shares of the natural resource company’s stock worth $1,150,000 after purchasing an additional 6,639 shares during the last quarter. Finally, Norden Group LLC grew its holdings in shares of Freeport-McMoRan by 6.8% in the fourth quarter. Norden Group LLC now owns 24,459 shares of the natural resource company’s stock worth $931,000 after purchasing an additional 1,559 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FCX. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. 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 report on Friday, January 24th. JPMorgan Chase & Co. dropped their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Argus cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Finally, BMO Capital Markets dropped their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $52.04.

Freeport-McMoRan Stock Performance

FCX stock opened at $36.92 on Monday. The firm has a market cap of $53.05 billion, a price-to-earnings ratio of 28.62, a PEG ratio of 0.87 and a beta of 1.85. The firm has a 50-day simple moving average of $38.31 and a two-hundred day simple moving average of $42.60. Freeport-McMoRan Inc. has a one year low of $34.89 and a one year high of $55.24. 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 (NYSE:FCX) last announced its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 EPS 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%. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal 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.