Weatherly Asset Management L. P. reduced its position in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 5.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 81,649 shares of the natural resource company’s stock after selling 4,543 shares during the period. Weatherly Asset Management L. P.’s holdings in Freeport-McMoran were worth $981,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Acrospire Investment Management LLC acquired a new position in shares of Freeport-McMoran during the first quarter worth approximately $122,000. Advantage Investment Management LLC increased its position in shares of Freeport-McMoran by 5.6% in the first quarter. Advantage Investment Management LLC now owns 9,402 shares of the natural resource company’s stock worth $126,000 after buying an additional 500 shares during the last quarter. Atria Investments LLC acquired a new position in shares of Freeport-McMoran during the first quarter worth approximately $134,000. Leavell Investment Management Inc. acquired a new position in shares of Freeport-McMoran during the first quarter worth approximately $134,000. Finally, Fisher Asset Management LLC acquired a new position in shares of Freeport-McMoran during the second quarter worth approximately $122,000. 69.94% of the stock is owned by hedge funds and other institutional investors.
Freeport-McMoran, Inc. (FCX) traded up 1.36% during trading on Monday, hitting $14.15. 17,354,049 shares of the stock were exchanged. The stock’s 50 day moving average price is $13.24 and its 200 day moving average price is $13.11. Freeport-McMoran, Inc. has a 12 month low of $9.24 and a 12 month high of $17.06. The stock has a market cap of $20.48 billion, a P/E ratio of 19.96 and a beta of 2.59.
Freeport-McMoran (NYSE:FCX) last announced its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing the Zacks’ consensus estimate of $0.21 by $0.04. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The firm had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.67 billion. During the same period in the prior year, the company posted ($0.02) earnings per share. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. Analysts forecast that Freeport-McMoran, Inc. will post $0.89 EPS for the current fiscal year.
A number of research analysts recently commented on the stock. FBR & Co reaffirmed a “market perform” rating and issued a $13.00 price target (up previously from $12.00) on shares of Freeport-McMoran in a report on Thursday, July 27th. Jefferies Group LLC reissued a “buy” rating and issued a $18.00 price objective on shares of Freeport-McMoran in a research report on Thursday, July 27th. Berenberg Bank set a $10.00 price objective on shares of Freeport-McMoran and gave the stock a “sell” rating in a research report on Friday, July 28th. Zacks Investment Research raised shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a research report on Friday, July 28th. Finally, Cowen and Company increased their price objective on shares of Freeport-McMoran from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Thursday, July 27th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Freeport-McMoran has an average rating of “Hold” and an average price target of $14.27.
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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