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.
