abrdn plc Has $48.05 Million Stake in Freeport-McMoRan Inc. (NYSE:FCX)

abrdn plc boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 10.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,258,896 shares of the natural resource company’s stock after purchasing an additional 116,695 shares during the quarter. abrdn plc’s holdings in Freeport-McMoRan were worth $48,046,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of FCX. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Freeport-McMoRan in the 2nd quarter worth about $1,143,000. Czech National Bank increased its holdings in Freeport-McMoRan by 6.9% during the 3rd quarter. Czech National Bank now owns 292,703 shares of the natural resource company’s stock worth $14,612,000 after purchasing an additional 18,967 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Freeport-McMoRan by 25.1% in the third quarter. GAMMA Investing LLC now owns 19,771 shares of the natural resource company’s stock worth $987,000 after purchasing an additional 3,966 shares during the last quarter. Verde Servicos Internacionais S.A. bought a new position in shares of Freeport-McMoRan in the third quarter valued at approximately $5,515,000. Finally, Atomi Financial Group Inc. grew its holdings in Freeport-McMoRan by 15.7% during the third quarter. Atomi Financial Group Inc. now owns 14,357 shares of the natural resource company’s stock worth $717,000 after buying an additional 1,952 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 1.8 %

Shares of FCX opened at $36.49 on Wednesday. Freeport-McMoRan Inc. has a fifty-two week low of $34.89 and a fifty-two week high of $55.24. The business has a 50-day moving average of $39.75 and a 200 day moving average of $43.21. The firm has a market cap of $52.43 billion, a P/E ratio of 28.29, a price-to-earnings-growth ratio of 0.85 and a beta of 1.85. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.75 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FCX. Raymond James raised their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. decreased their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Scotiabank dropped their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Friday, January 24th. Argus lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Finally, Jefferies Financial Group cut Freeport-McMoRan from a “buy” rating to a “hold” rating and cut their price objective for the stock from $48.00 to $40.00 in a research report on Friday, January 24th. Nine investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $51.46.

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.