Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 186.7% in the 4th quarter, Holdings Channel reports. The firm owned 1,269,218 shares of the natural resource company’s stock after buying an additional 826,582 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Freeport-McMoRan were worth $48,332,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Great Lakes Advisors LLC raised its holdings in shares of Freeport-McMoRan by 2.3% during the fourth quarter. Great Lakes Advisors LLC now owns 1,507,698 shares of the natural resource company’s stock valued at $57,413,000 after acquiring an additional 33,993 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of Freeport-McMoRan by 4.0% during the 4th quarter. Farther Finance Advisors LLC now owns 25,556 shares of the natural resource company’s stock valued at $973,000 after purchasing an additional 975 shares in the last quarter. Gables Capital Management Inc. raised its holdings in shares of Freeport-McMoRan by 2.2% during the 4th quarter. Gables Capital Management Inc. now owns 18,301 shares of the natural resource company’s stock valued at $697,000 after purchasing an additional 400 shares in the last quarter. Inspire Advisors LLC raised its holdings in shares of Freeport-McMoRan by 2.6% during the 4th quarter. Inspire Advisors LLC now owns 12,965 shares of the natural resource company’s stock valued at $494,000 after purchasing an additional 325 shares in the last quarter. Finally, Sage Mountain Advisors LLC raised its holdings in shares of Freeport-McMoRan by 10.0% during the 4th quarter. Sage Mountain Advisors LLC now owns 9,422 shares of the natural resource company’s stock valued at $359,000 after purchasing an additional 856 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Wednesday. BMO Capital Markets lowered their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Dbs Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research report on Thursday, March 6th. Six research 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’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $36.84 on Thursday. 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 firm’s 50-day simple moving average is $37.92 and its 200-day simple moving average is $42.18. Freeport-McMoRan Inc. has a twelve month low of $33.98 and a twelve month high of $55.24. The firm has a market cap of $52.94 billion, a P/E ratio of 28.56, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last issued 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 net margin of 7.42% and a return on equity of 7.50%. As a group, research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal 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.