Connor Clark & Lunn Investment Management Ltd. Raises Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 186.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,269,218 shares of the natural resource company’s stock after purchasing an additional 826,582 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.09% of Freeport-McMoRan worth $48,332,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of FCX. Mountaineer Partners Management LLC increased its stake in shares of Freeport-McMoRan by 4,767.8% during the 3rd quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock worth $595,702,000 after purchasing an additional 11,687,982 shares in the last quarter. Amundi boosted its holdings in shares of Freeport-McMoRan by 30.2% in the 4th quarter. Amundi now owns 21,580,960 shares of the natural resource company’s stock valued at $857,305,000 after purchasing an additional 5,001,531 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Freeport-McMoRan by 142.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company’s stock valued at $162,964,000 after purchasing an additional 2,515,103 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Freeport-McMoRan by 9.5% in the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock valued at $1,348,522,000 after purchasing an additional 2,366,187 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in shares of Freeport-McMoRan by 2.4% during the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after acquiring an additional 1,392,494 shares in the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Jefferies Financial Group raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their target price for the stock from $40.00 to $48.00 in a research report on Thursday, February 27th. Dbs Bank raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research report on Monday. Scotiabank dropped their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research report on Friday, January 24th. Finally, StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Wednesday. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

Freeport-McMoRan Trading Up 2.7 %

Freeport-McMoRan stock opened at $36.84 on Thursday. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average price of $37.92 and a two-hundred day moving average price of $42.18. The firm has a market capitalization of $52.94 billion, a price-to-earnings ratio of 28.56, a PEG ratio of 0.87 and a beta of 1.87. Freeport-McMoRan Inc. has a 52-week low of $33.98 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share 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%. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

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.