Aberdeen Group plc Increases Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Aberdeen Group plc lifted its position in Freeport-McMoRan Inc. (NYSE:FCX[1] - Free Report[2]) by 41.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,784,117 shares of the natural resource company's stock after buying an additional 525,221 shares during the quarter. Aberdeen Group plc owned approximately 0.12% of Freeport-McMoRan worth £67,083,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Stratos Investment Management LLC increased its position in shares of Freeport-McMoRan by 238.5% in the first quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company's stock worth £2,443,000 after purchasing an additional 45,458 shares during the last quarter.

Community Bank N.A. raised its position in shares of Freeport-McMoRan by 18.5% during the 1st quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company's stock valued at £1,498,000 after buying an additional 6,188 shares in the last quarter. Arizona State Retirement System raised its position in shares of Freeport-McMoRan by 2.2% during the 1st quarter.

Arizona State Retirement System now owns 421,469 shares of the natural resource company's stock valued at £15,957,000 after buying an additional 8,989 shares in the last quarter. Financial Sense Advisors Inc. raised its position in shares of Freeport-McMoRan by 527.9% during the 1st quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company's stock valued at £2,882,000 after buying an additional 64,003 shares in the last quarter.

Finally, Anderson Hoagland & Co. raised its position in shares of Freeport-McMoRan by 27.6% during the 1st quarter. Anderson Hoagland & Co. now owns 109,565 shares of the natural resource company's stock valued at £4,148,000 after buying an additional 23,695 shares in the last quarter.

80.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Citigroup raised their price objective on shares of Freeport-McMoRan from £44.00 to £48.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Wall Street Zen[3] upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th.

Hsbc Global Res cut shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 22nd. Stifel Nicolaus initiated coverage on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. They set a "buy" rating and a £56.00 price objective on the stock.

Finally, Bank of America reiterated a "neutral" rating and set a £56.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 9th.

Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company's stock.

Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of £51.00.

References

1. ^ NYSE:FCX (www.marketbeat.com)
2. ^ Free Report (www.marketbeat.com)
3. ^ Wall Street Zen (www.wallstreetzen.com)