Paloma Partners Management Co boosted its stake in Freeport-McMoRan Inc (NYSE:FCX) by 275.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 241,111 shares of the natural resource company’s stock after purchasing an additional 176,823 shares during the quarter. Paloma Partners Management Co’s holdings in Freeport-McMoRan were worth $4,572,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. American Beacon Advisors Inc. purchased a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $131,000. Belpointe Asset Management LLC purchased a new stake in Freeport-McMoRan in the third quarter valued at approximately $150,000. Americafirst Capital Management LLC purchased a new stake in Freeport-McMoRan in the third quarter valued at approximately $170,000. Thompson Davis & CO. Inc. grew its holdings in Freeport-McMoRan by 756.8% in the fourth quarter. Thompson Davis & CO. Inc. now owns 9,348 shares of the natural resource company’s stock valued at $177,000 after purchasing an additional 8,257 shares during the period. Finally, Ballew Advisors Inc purchased a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $190,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.
Freeport-McMoRan Inc (NYSE FCX) traded up $0.36 on Tuesday, reaching $18.41. 4,640,200 shares of the company traded hands, compared to its average volume of 19,620,916. The firm has a market capitalization of $26,582.42, a PE ratio of 14.81 and a beta of 2.42. The company has a quick ratio of 1.37, a current ratio of 2.14 and a debt-to-equity ratio of 1.04. Freeport-McMoRan Inc has a 1 year low of $11.05 and a 1 year high of $20.25.
In other Freeport-McMoRan news, VP C Donald Whitmire, Jr. sold 21,500 shares of the business’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $19.49, for a total transaction of $419,035.00. Following the completion of the sale, the vice president now owns 70,239 shares in the company, valued at $1,368,958.11. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.29% of the stock is owned by insiders.
A number of brokerages have weighed in on FCX. Royal Bank of Canada reaffirmed a “hold” rating and set a $17.00 price target on shares of Freeport-McMoRan in a research report on Tuesday, December 5th. B. Riley set a $13.00 price target on shares of Freeport-McMoRan and gave the company a “hold” rating in a research report on Wednesday, December 6th. Morgan Stanley raised shares of Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $10.00 to $14.00 in a research report on Monday, December 11th. Scotiabank reaffirmed a “hold” rating and set a $19.00 price target on shares of Freeport-McMoRan in a research report on Monday, January 8th. Finally, Zacks Investment Research cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Tuesday, January 9th. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Freeport-McMoRan currently has a consensus rating of “Hold” and an average target price of $17.06.
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Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.
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