HM Payson & Co. Increases Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

HM Payson & Co. increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 97.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,216 shares of the natural resource company’s stock after acquiring an additional 3,074 shares during the quarter. HM Payson & Co.’s holdings in Freeport-McMoRan were worth $237,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Sanctuary Advisors LLC raised its stake 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 acquiring an additional 14,501 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Freeport-McMoRan during the 3rd quarter worth approximately $754,000. Principal Financial Group Inc. raised its stake in shares of Freeport-McMoRan by 4.1% during the 3rd quarter. Principal Financial Group Inc. now owns 1,684,393 shares of the natural resource company’s stock worth $84,085,000 after acquiring an additional 66,699 shares in the last quarter. Czech National Bank raised its stake in shares of Freeport-McMoRan by 6.4% during the 4th quarter. Czech National Bank now owns 311,555 shares of the natural resource company’s stock worth $11,864,000 after acquiring an additional 18,852 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. raised its stake in shares of Freeport-McMoRan by 1,206.8% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 13,055 shares of the natural resource company’s stock worth $652,000 after acquiring an additional 12,056 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on FCX shares. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Scotiabank cut their price target on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Friday, January 24th. JPMorgan Chase & Co. cut their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research note on Thursday. Finally, Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price target for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Seven investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $51.75.

Freeport-McMoRan Stock Down 1.9 %

FCX stock opened at $36.97 on Monday. The firm’s fifty day simple moving average is $38.06 and its 200-day simple moving average is $42.35. Freeport-McMoRan Inc. has a 12 month low of $34.26 and a 12 month high of $55.24. The company has a market capitalization of $53.13 billion, a P/E ratio of 28.66, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87. 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 (NYSE:FCX) last announced its quarterly earnings results 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 return on equity of 7.50% and a net margin of 7.42%. As a group, equities research analysts forecast 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.