Cetera Investment Advisers purchased a new position in Freeport-McMoran, Inc. (NYSE:FCX) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 108,830 shares of the natural resource company’s stock, valued at approximately $1,315,000.
A number of other large investors have also modified their holdings of FCX. Vanguard Group Inc. increased its holdings in Freeport-McMoran by 10.7% in the 1st 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 period. BT Investment Management Ltd acquired a new position in Freeport-McMoran in the 2nd quarter worth approximately $94,821,000. BlueMountain Capital Management LLC increased its holdings in Freeport-McMoran by 100.4% in the 2nd quarter. BlueMountain Capital Management LLC now owns 26,461 shares of the natural resource company’s stock worth $318,000 after buying an additional 6,651,458 shares during the period. Bank of New York Mellon Corp increased its holdings in Freeport-McMoran by 39.4% in the 2nd 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 period. Finally, Capital Growth Management LP acquired a new position in Freeport-McMoran in the 1st quarter worth approximately $71,743,000. Institutional investors own 67.97% of the company’s stock.
Shares of Freeport-McMoran, Inc. (NYSE FCX) traded up 2.64% during mid-day trading on Monday, hitting $15.14. The company’s stock had a trading volume of 12,795,918 shares. Freeport-McMoran, Inc. has a 12-month low of $9.50 and a 12-month high of $17.06. The stock has a 50-day moving average of $14.44 and a 200-day moving average of $13.20. The company has a market cap of $21.91 billion, a PE ratio of 21.35 and a beta of 2.54.
Freeport-McMoran (NYSE:FCX) last issued 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). Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The company had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.67 billion. During the same quarter in the prior year, the company earned ($0.02) earnings per share. The firm’s revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts forecast that Freeport-McMoran, Inc. will post $0.99 EPS for the current year.
Several brokerages recently weighed in on FCX. Royal Bank Of Canada set a $14.00 price target on shares of Freeport-McMoran and gave the stock a “hold” rating in a report on Wednesday, October 11th. Raymond James Financial, Inc. initiated coverage on Freeport-McMoran in a research report on Tuesday, August 15th. They issued a “market perform” rating and a $15.00 price objective on the stock. FBR & Co restated a “market perform” rating and issued a $13.00 price objective (up previously from $12.00) on shares of Freeport-McMoran in a research 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 research report on Thursday, July 27th. Finally, Zacks Investment Research upgraded Freeport-McMoran from a “sell” rating to a “hold” rating in a research report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Freeport-McMoran presently has an average rating of “Hold” and a consensus target price of $15.36.
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In other Freeport-McMoran news, COO Harry M. Iv Conger bought 36,180 shares of Freeport-McMoran stock in a transaction that occurred on Thursday, September 7th. The shares were purchased at an average cost of $15.23 per share, for a total transaction of $551,021.40. Following the completion of the transaction, the chief operating officer now owns 73,943 shares of the company’s stock, valued at approximately $1,126,151.89. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.29% of the company’s stock.
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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