BB&T Securities LLC boosted its position in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 7.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 127,555 shares of the natural resource company’s stock after buying an additional 8,507 shares during the period. BB&T Securities LLC’s holdings in Freeport-McMoran were worth $1,531,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the stock. FMR LLC raised its stake in shares of Freeport-McMoran by 104.4% in the first quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock worth $566,451,000 after buying an additional 21,652,647 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Freeport-McMoran by 10.7% in the first quarter. Vanguard Group Inc. now owns 132,991,679 shares of the natural resource company’s stock worth $1,776,769,000 after buying an additional 12,897,514 shares during the last quarter. Westpac Banking Corp raised its stake in shares of Freeport-McMoran by 1,493.6% in the first quarter. Westpac Banking Corp now owns 7,038,887 shares of the natural resource company’s stock worth $102,454,000 after buying an additional 6,597,176 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Freeport-McMoran by 39.4% in the second quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock worth $247,029,000 after buying an additional 5,810,712 shares during the last quarter. Finally, Capital Growth Management LP purchased a new stake in shares of Freeport-McMoran during the first quarter worth approximately $71,743,000. 69.94% of the stock is owned by institutional investors and hedge funds.
Freeport-McMoran, Inc. (NYSE:FCX) opened at 15.29 on Friday. Freeport-McMoran, Inc. has a 1-year low of $9.24 and a 1-year high of $17.06. The company has a 50-day moving average price of $13.97 and a 200 day moving average price of $12.99. The stock has a market cap of $22.13 billion, a P/E ratio of 21.57 and a beta of 2.59.
Freeport-McMoran (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.21 by $0.04. The business had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.67 billion. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The firm’s revenue was up 11.3% on a year-over-year basis. During the same period last year, the company earned ($0.02) earnings per share. Equities analysts expect that Freeport-McMoran, Inc. will post $0.89 earnings per share for the current fiscal year.
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FCX has been the subject of a number of research analyst reports. Vetr raised Freeport-McMoran from a “buy” rating to a “strong-buy” rating and set a $14.36 target price for the company in a research report on Monday, May 1st. Zacks Investment Research lowered Freeport-McMoran from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Berenberg Bank lowered Freeport-McMoran from a “hold” rating to a “sell” rating and set a $10.00 target price for the company. in a research report on Wednesday, July 12th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $13.00 target price (down from $14.00) on shares of Freeport-McMoran in a research report on Sunday, June 25th. Finally, BMO Capital Markets set a $17.00 target price on Freeport-McMoran and gave the company a “hold” rating in a research report on Wednesday, July 26th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $14.32.
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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