US Bancorp DE cut its stake in Freeport-McMoran, Inc. (NYSE:FCX) by 2.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 193,400 shares of the natural resource company’s stock after selling 4,449 shares during the period. US Bancorp DE’s holdings in Freeport-McMoran were worth $2,324,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of FCX. Raymond James Trust N.A. raised its stake in shares of Freeport-McMoran by 16.2% in the first quarter. Raymond James Trust N.A. now owns 32,422 shares of the natural resource company’s stock valued at $434,000 after buying an additional 4,520 shares during the period. Contravisory Investment Management Inc. raised its stake in shares of Freeport-McMoran by 39.4% in the first quarter. Contravisory Investment Management Inc. now owns 14,399 shares of the natural resource company’s stock valued at $192,000 after buying an additional 4,069 shares during the period. Paradigm Financial Advisors LLC raised its stake in shares of Freeport-McMoran by 5.9% in the first quarter. Paradigm Financial Advisors LLC now owns 35,088 shares of the natural resource company’s stock valued at $468,000 after buying an additional 1,964 shares during the period. Trust Co raised its stake in shares of Freeport-McMoran by 6.2% in the fourth quarter. Trust Co now owns 37,494 shares of the natural resource company’s stock valued at $495,000 after buying an additional 2,200 shares during the period. Finally, Manning & Napier Advisors LLC bought a new stake in shares of Freeport-McMoran during the first quarter valued at approximately $84,644,000. Institutional investors and hedge funds own 69.94% of the company’s stock.
Shares of Freeport-McMoran, Inc. (FCX) traded down 0.35% during mid-day trading on Friday, reaching $14.15. 15,434,337 shares of the company’s stock were exchanged. The company’s 50 day moving average is $13.58 and its 200 day moving average is $13.04. Freeport-McMoran, Inc. has a 1-year low of $9.24 and a 1-year high of $17.06. The stock has a market capitalization of $20.48 billion, a PE ratio of 19.96 and a beta of 2.59. Freeport-McMoran also was the target of some unusual options trading activity on Wednesday. Traders purchased 48,064 call options on the stock. This is an increase of 145% compared to the average volume of 19,644 call options.
Freeport-McMoran (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by $0.04. The company had revenue of $3.71 billion for 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 business’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.02) earnings per share. Equities research analysts anticipate that Freeport-McMoran, Inc. will post $0.89 EPS for the current fiscal year.
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Several analysts have commented on the stock. BMO Capital Markets set a $17.00 price objective on shares of Freeport-McMoran and gave the stock a “hold” rating in a report on Wednesday, July 26th. Cowen and Company raised their price objective on shares of Freeport-McMoran from $20.00 to $22.00 and gave the stock an “outperform” rating in a report on Thursday, July 27th. Jefferies Group LLC restated a “buy” rating and issued a $18.00 price objective on shares of Freeport-McMoran in a report on Thursday, July 27th. FBR & Co restated a “market perform” rating and issued a $13.00 price objective (up from $12.00) on shares of Freeport-McMoran in a report on Thursday, July 27th. Finally, Berenberg Bank set a $10.00 target price on shares of Freeport-McMoran and gave the company a “sell” rating in a research note on Friday, July 28th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $14.32.
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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