National Pension Service raised its stake in Freeport-McMoRan Inc (NYSE:FCX) by 5.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,745,382 shares of the natural resource company’s stock after buying an additional 91,126 shares during the period. National Pension Service owned about 0.12% of Freeport-McMoRan worth $16,703,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FCX. AdvisorNet Financial Inc boosted its position in Freeport-McMoRan by 908.6% during the third quarter. AdvisorNet Financial Inc now owns 3,036 shares of the natural resource company’s stock valued at $29,000 after acquiring an additional 2,735 shares during the last quarter. Venturi Wealth Management LLC bought a new position in shares of Freeport-McMoRan in the 3rd quarter worth about $30,000. Citizens Financial Group Inc RI lifted its stake in shares of Freeport-McMoRan by 6,082.1% in the 3rd quarter. Citizens Financial Group Inc RI now owns 3,462 shares of the natural resource company’s stock valued at $33,000 after purchasing an additional 3,406 shares during the period. Rational Advisors LLC lifted its stake in shares of Freeport-McMoRan by 107.0% in the 2nd quarter. Rational Advisors LLC now owns 3,261 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 1,686 shares during the period. Finally, Flagship Harbor Advisors LLC boosted its position in shares of Freeport-McMoRan by 63.9% during the 3rd quarter. Flagship Harbor Advisors LLC now owns 4,282 shares of the natural resource company’s stock valued at $40,000 after purchasing an additional 1,669 shares in the last quarter. Hedge funds and other institutional investors own 71.25% of the company’s stock.
FCX stock opened at $11.45 on Tuesday. The stock’s 50 day simple moving average is $10.66 and its 200 day simple moving average is $10.35. Freeport-McMoRan Inc has a fifty-two week low of $8.43 and a fifty-two week high of $14.68. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.16 and a current ratio of 2.47. The company has a market cap of $16.51 billion, a P/E ratio of 7.53 and a beta of 2.50.
A number of equities research analysts have weighed in on FCX shares. Bank of America upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $14.00 target price for the company in a report on Wednesday, November 13th. B. Riley set a $13.00 price target on Freeport-McMoRan and gave the stock a “buy” rating in a report on Monday, October 21st. JPMorgan Chase & Co. reduced their price objective on shares of Freeport-McMoRan from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, October 10th. Exane BNP Paribas assumed coverage on shares of Freeport-McMoRan in a research report on Friday, September 20th. They set an “outperform” rating for the company. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $13.30 price objective on shares of Freeport-McMoRan in a research note on Thursday, November 7th. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $13.25.
Freeport-McMoRan Company Profile
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
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