Corebridge Financial Inc. Sells 20,471 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Corebridge Financial Inc. reduced its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.8% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 330,251 shares of the natural resource company’s stock after selling 20,471 shares during the period. Corebridge Financial Inc.’s holdings in Freeport-McMoRan were worth $12,576,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Asset Planning Inc purchased a new position in shares of Freeport-McMoRan during the fourth quarter valued at approximately $25,000. Vision Financial Markets LLC bought a new position in Freeport-McMoRan during the 4th quarter valued at $27,000. Laurel Wealth Advisors LLC boosted its holdings in Freeport-McMoRan by 487.8% during the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 600 shares during the last quarter. Roxbury Financial LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth $28,000. Finally, Continuum Advisory LLC raised its holdings in shares of Freeport-McMoRan by 46.8% in the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 236 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 3.5 %

Freeport-McMoRan stock opened at $43.08 on Wednesday. The firm has a 50 day simple moving average of $38.15 and a 200 day simple moving average of $42.00. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 1-year low of $33.98 and a 1-year high of $55.24. The firm has a market capitalization of $61.91 billion, a price-to-earnings ratio of 33.40, a P/E/G ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data 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 net margin of 7.42% and a return on equity of 7.50%. On average, analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. raised shares of Freeport-McMoRan from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $48.00 to $52.00 in a research report on Thursday, March 20th. Jefferies Financial Group raised Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their price target for the company from $40.00 to $48.00 in a research report on Thursday, February 27th. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Finally, Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a research note on Thursday, March 6th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $52.04.

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.