932,645 Shares in Freeport-McMoRan Inc. (NYSE:FCX) Bought by Fred Alger Management LLC

Fred Alger Management LLC acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 932,645 shares of the natural resource company’s stock, valued at approximately $45,327,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FCX. Capital Research Global Investors boosted its position in shares of Freeport-McMoRan by 22.0% during the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock worth $3,427,583,000 after buying an additional 13,143,562 shares during the period. Capital International Investors acquired a new position in Freeport-McMoRan during the 1st quarter worth approximately $417,752,000. Capital World Investors grew its stake in shares of Freeport-McMoRan by 40.9% during the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after acquiring an additional 4,396,309 shares in the last quarter. Asia Research & Capital Management Ltd bought a new stake in shares of Freeport-McMoRan in the first quarter worth $197,966,000. Finally, Swedbank AB acquired a new position in Freeport-McMoRan during the first quarter worth $162,464,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 8.0 %

FCX stock opened at $48.73 on Wednesday. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The business has a 50-day simple moving average of $43.42 and a 200 day simple moving average of $47.33. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The company has a market cap of $70.02 billion, a PE ratio of 43.12, a price-to-earnings-growth ratio of 2.89 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.39 by $0.07. The company had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.35 EPS. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.61 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Morgan Stanley lowered their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Wednesday, September 18th. Deutsche Bank Aktiengesellschaft boosted their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $52.93.

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.