Latest Stocks: LS Investment Advisors LLC Increases Position in Freeport-McMoRan Inc (FCX)

Latest Stocks: LS Investment Advisors LLC Increases Position in Freeport-McMoRan Inc (FCX)

LS Investment Advisors LLC raised its position in shares of Freeport-McMoRan Inc (NYSE:FCX) by 21.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 34,316 shares of the natural resource company’s stock after buying an additional 6,104 shares during the period. LS Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $458,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Advantage Investment Management LLC purchased a new position in Freeport-McMoRan during the fourth quarter valued at approximately $117,000. Ancora Advisors LLC bought a new stake in shares of Freeport-McMoRan during the fourth quarter worth about $126,000. Atria Investments LLC bought a new stake in shares of Freeport-McMoRan during the first quarter worth about $134,000. Leavell Investment Management Inc. bought a new stake in shares of Freeport-McMoRan during the first quarter worth about $134,000. Finally, Strid Group LLC bought a new stake in shares of Freeport-McMoRan during the third quarter worth about $112,000. 66.80% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Inc (FCX) opened at 11.42 on Tuesday. The stock’s 50 day moving average price is $12.00 and its 200 day moving average price is $13.77. Freeport-McMoRan Inc has a 52 week low of $9.24 and a 52 week high of $17.06. The firm has a market capitalization of $16.52 billion, a P/E ratio of 61.07 and a beta of 2.49.

Several analysts recently weighed in on FCX shares. Deutsche Bank AG restated a “hold” rating and issued a $14.00 price objective on shares of Freeport-McMoRan in a report on Tuesday, February 7th. JPMorgan Chase & Co. started coverage on Freeport-McMoRan in a report on Thursday, February 9th. They issued a “neutral” rating and a $14.00 price objective for the company. Citigroup Inc initiated coverage on Freeport-McMoRan in a report on Tuesday, February 21st. They issued a “neutral” rating and a $16.00 price objective for the company. FBR & Co reiterated a “hold” rating on shares of Freeport-McMoRan in a report on Tuesday, February 21st. Finally, Berenberg Bank upgraded shares of Freeport-McMoRan from a “sell” rating to a “hold” rating and set a $12.00 target price for the company in a report on Wednesday, March 22nd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $13.76. About Freeport-McMoRan

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