OVERSEA CHINESE BANKING Corp Ltd Has $422,000 Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 114.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,867 shares of the natural resource company’s stock after buying an additional 5,803 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Freeport-McMoRan were worth $422,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Asset Planning Inc acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth about $25,000. Vision Financial Markets LLC acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth about $27,000. Laurel Wealth Advisors LLC boosted its stake in shares of 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 buying an additional 600 shares during the last quarter. Roxbury Financial LLC acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth about $28,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth about $29,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on FCX shares. BMO Capital Markets dropped their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a report on Thursday, March 6th. Jefferies Financial Group raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their target price for the company from $40.00 to $48.00 in a report on Thursday, February 27th. Dbs Bank raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Finally, 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 report on Friday, January 24th. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $52.04.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $40.72 on Friday. The company’s 50 day moving average price is $38.00 and its two-hundred day moving average price is $41.99. Freeport-McMoRan Inc. has a 12-month low of $33.98 and a 12-month high of $55.24. The firm has a market cap of $58.51 billion, a PE ratio of 31.56, a PEG ratio of 0.87 and a beta of 1.87. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results 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 return on equity of 7.50% and a net margin of 7.42%. Equities research analysts predict 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.