Park Avenue Securities LLC Boosts Stake in Freeport-McMoRan Inc.

FCX Stock

Freeport-McMoRan (FCX:NYE) saw a 42.7% increase in holdings from Park Avenue Securities LLC during the fourth quarter, according to its latest Securities and Exchange Commission filing. The fund added 8,224 shares of the FCX stock, bringing its total to 27,472, worth $1,044,000 by the end of the quarter.

Other hedge funds and institutional investors have also altered their positions in FCX.

Public Investment Fund bought shares worth $377,321,000, Amundi added 7,550,525 shares worth $270,468,000, Neuberger Berman Group added 4,048,053 shares worth $218,140,000 and Barclays PLC added 2,391,131 shares worth $130,229,000.

Two Sigma Investments LP also acquired shares worth $49,278,000. Corporate insiders own 0.72% of FCX.

Analyst reports indicate a consensus rating of “Hold” and a target price of $40.88 for FCX stock. The company reported $0.52 EPS for Q4 2016, beating estimates by $0.12, while revenue came in at $5.75bn, higher than analysts’ expectations of $5.42bn.

 

Company Profile:

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, as well as oil and gas.

The company’s assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

It also operates a portfolio of oil and gas properties primarily located in offshore California and the Gulf of Mexico. The company was formerly known as Freeport-McMoRan Copper & Gold Inc. and changed its name to Freeport-McMoRan Inc. in July 2014. Freeport-McMoRan Inc. was incorporated in 1987 and is headquartered in Phoenix, Arizona.

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