American International Group Inc. boosted its holdings in shares of Freeport-McMoRan Inc (NYSE:FCX) by 15.1% during the fourth quarter, HoldingsChannel reports. The firm owned 461,893 shares of the natural resource company’s stock after purchasing an additional 60,719 shares during the period. American International Group Inc.’s holdings in Freeport-McMoRan were worth $8,757,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. Advisor Partners LLC lifted its position in shares of Freeport-McMoRan by 5.2% in the fourth quarter. Advisor Partners LLC now owns 52,835 shares of the natural resource company’s stock valued at $1,055,000 after acquiring an additional 2,610 shares in the last quarter. Wesbanco Bank Inc. lifted its position in shares of Freeport-McMoRan by 19.8% in the fourth quarter. Wesbanco Bank Inc. now owns 17,615 shares of the natural resource company’s stock valued at $334,000 after acquiring an additional 2,911 shares in the last quarter. Point View Wealth Management Inc. lifted its position in shares of Freeport-McMoRan by 17.0% in the fourth quarter. Point View Wealth Management Inc. now owns 21,554 shares of the natural resource company’s stock valued at $409,000 after acquiring an additional 3,135 shares in the last quarter. Grassi Investment Management lifted its position in shares of Freeport-McMoRan by 6.1% in the fourth quarter. Grassi Investment Management now owns 62,800 shares of the natural resource company’s stock valued at $1,191,000 after acquiring an additional 3,600 shares in the last quarter. Finally, FDx Advisors Inc. lifted its position in shares of Freeport-McMoRan by 14.2% in the third quarter. FDx Advisors Inc. now owns 30,414 shares of the natural resource company’s stock valued at $427,000 after acquiring an additional 3,790 shares in the last quarter. Institutional investors own 68.40% of the company’s stock.
Freeport-McMoRan Inc (NYSE:FCX) opened at $19.09 on Wednesday. Freeport-McMoRan Inc has a 1 year low of $11.05 and a 1 year high of $20.25. The company has a market capitalization of $27,680.00, a P/E ratio of 20.53 and a beta of 2.48. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.37 and a current ratio of 2.14.
FCX has been the topic of several research reports. B. Riley restated a “neutral” rating on shares of Freeport-McMoRan in a research report on Wednesday, November 1st. Zacks Investment Research downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Monday, November 13th. Royal Bank of Canada restated a “hold” rating and issued a $17.00 target price on shares of Freeport-McMoRan in a research report on Tuesday, December 5th. Morgan Stanley upgraded Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $10.00 to $14.00 in a research report on Monday, December 11th. Finally, Scotiabank restated a “hold” rating and issued a $19.00 target price on shares of Freeport-McMoRan in a research report on Monday, January 8th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $16.25.
In related news, VP C Donald Whitmire, Jr. sold 21,500 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $19.49, for a total transaction of $419,035.00. Following the transaction, the vice president now owns 70,239 shares in the company, valued at $1,368,958.11. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.29% of the company’s stock.
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Freeport-McMoRan Company Profile
Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.
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