M&T Bank Corp Purchases 9,071 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

M&T Bank Corp raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 116,255 shares of the natural resource company’s stock after purchasing an additional 9,071 shares during the period. M&T Bank Corp’s holdings in Freeport-McMoRan were worth $4,427,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of FCX. Principal Financial Group Inc. raised its position in shares of Freeport-McMoRan by 4.1% in 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. Portside Wealth Group LLC raised its position in shares of Freeport-McMoRan by 14.0% in the 3rd quarter. Portside Wealth Group LLC now owns 21,951 shares of the natural resource company’s stock worth $1,096,000 after acquiring an additional 2,688 shares in the last quarter. Confluence Investment Management LLC raised its position in shares of Freeport-McMoRan by 7.1% in the 3rd quarter. Confluence Investment Management LLC now owns 13,414 shares of the natural resource company’s stock worth $670,000 after acquiring an additional 885 shares in the last quarter. Lewis Asset Management LLC bought a new position in shares of Freeport-McMoRan in the 3rd quarter worth $216,000. Finally, Summit Global Investments raised its position in shares of Freeport-McMoRan by 1,559.3% in the 3rd quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock worth $3,819,000 after acquiring an additional 71,883 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on FCX. Jefferies Financial Group raised Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their price target for the stock from $40.00 to $48.00 in a research report on Thursday, February 27th. Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research report on Thursday. JPMorgan Chase & Co. dropped their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Finally, BMO Capital Markets dropped their target price on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Seven analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $51.75.

Freeport-McMoRan Stock Down 1.9 %

Freeport-McMoRan stock opened at $36.97 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The business’s 50-day simple moving average is $38.10 and its two-hundred day simple moving average is $42.42. The company has a market cap of $53.13 billion, a PE ratio of 28.66, a PEG ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a fifty-two week low of $34.26 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 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%. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS 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.