Deutsche Bank AG Has $168.86 Million Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)
Deutsche Bank AG reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX[1] - Free Report[2]) by 18.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,459,995 shares of the natural resource company's stock after selling 1,009,263 shares during the period. Deutsche Bank AG owned approximately 0.31% of Freeport-McMoRan worth £168,855,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its holdings in shares of Freeport-McMoRan by 2.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 8,661,546 shares of the natural resource company's stock worth £327,926,000 after buying an additional 173,665 shares in the last quarter.
ASR Vermogensbeheer N.V. bought a new position in Freeport-McMoRan in the first quarter valued at about £7,184,000. Greykasell Wealth Strategies Inc. acquired a new position in Freeport-McMoRan during the first quarter worth about £42,000. CM Management LLC lifted its holdings in shares of Freeport-McMoRan by 40.0% in the first quarter.
CM Management LLC now owns 70,000 shares of the natural resource company's stock worth £2,650,000 after acquiring an additional 20,000 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Freeport-McMoRan by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company's stock valued at £4,734,101,000 after purchasing an additional 1,822,987 shares in the last quarter.
80.77% of the stock is currently owned by institutional investors.
Insider Activity at Freeport-McMoRan
In other news, CAO Ellie L. Mikes sold 8,584 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of £40.02, for a total transaction of £343,531.68.
Following the transaction, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at £1,934,286.66. This represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link[3].
0.75% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on the stock. Hsbc Global Res lowered shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. Jefferies Financial Group reaffirmed a "buy" rating and set a £50.00 target price (up previously from £48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th.
Stifel Nicolaus assumed coverage on Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a "buy" rating and a £56.00 price target for the company. Morgan Stanley lowered Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and boosted their price objective for the stock from £45.00 to £54.00 in a research report on Tuesday, July 15th.
Finally, Wolfe Research raised Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a £39.00 target price for the company in a report on Wednesday, April 16th.
Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company.
According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of £51.00.