Main Street Research LLC boosted its position in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 5.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 618,076 shares of the natural resource company’s stock after buying an additional 34,391 shares during the period. Main Street Research LLC’s holdings in Freeport-McMoran were worth $7,423,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in FCX. State of Alaska Department of Revenue purchased a new stake in shares of Freeport-McMoran during the first quarter worth approximately $222,000. Bank of New York Mellon Corp increased its stake in shares of Freeport-McMoran by 46.2% in the first quarter. Bank of New York Mellon Corp now owns 14,757,919 shares of the natural resource company’s stock worth $197,166,000 after buying an additional 4,662,665 shares during the last quarter. Parkwood LLC increased its stake in shares of Freeport-McMoran by 380.3% in the first quarter. Parkwood LLC now owns 80,541 shares of the natural resource company’s stock worth $1,076,000 after buying an additional 63,773 shares during the last quarter. ARP Americas LLC purchased a new stake in shares of Freeport-McMoran during the first quarter worth approximately $150,000. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Freeport-McMoran during the fourth quarter worth approximately $2,632,000. Hedge funds and other institutional investors own 69.46% of the company’s stock.
Shares of Freeport-McMoran, Inc. (NYSE FCX) traded down 0.115% during mid-day trading on Tuesday, hitting $12.985. 11,703,244 shares of the stock traded hands. Freeport-McMoran, Inc. has a 52 week low of $9.24 and a 52 week high of $17.06. The stock has a 50-day moving average of $11.72 and a 200-day moving average of $13.34. The company has a market cap of $18.79 billion, a price-to-earnings ratio of 69.438 and a beta of 2.55.
Freeport-McMoran (NYSE:FCX) last released its earnings results on Tuesday, April 25th. The natural resource company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by $0.01. Freeport-McMoran had a return on equity of 7.97% and a net margin of 1.11%. The company had revenue of $3.34 billion during the quarter, compared to analysts’ expectations of $3.51 billion. During the same quarter in the previous year, the company earned ($0.16) EPS. The firm’s quarterly revenue was down 5.3% compared to the same quarter last year. Analysts anticipate that Freeport-McMoran, Inc. will post $0.99 EPS for the current year.
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A number of equities research analysts recently commented on FCX shares. Vetr upgraded shares of Freeport-McMoran from a “buy” rating to a “strong-buy” rating and set a $14.36 price objective for the company in a research report on Monday, May 1st. Zacks Investment Research downgraded shares of Freeport-McMoran from a “hold” rating to a “sell” rating in a research report on Wednesday, July 5th. Jefferies Group LLC raised their price objective on shares of Freeport-McMoran to $16.00 and gave the company a “buy” rating in a research report on Tuesday, March 28th. Deutsche Bank AG upgraded shares of Freeport-McMoran from a “sell” rating to a “hold” rating and raised their price objective for the company from $12.50 to $14.00 in a research report on Tuesday, March 21st. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $17.00 price objective on shares of Freeport-McMoran in a research report on Wednesday, April 19th. Five equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $13.77.
About Freeport-McMoran
Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.
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