Bank of Nova Scotia Buys 388,165 Shares of Freeport-McMoran, Inc. (NYSE:FCX)

Bank of Nova Scotia raised its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 474.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 306,409 shares of the natural resource company’s stock after purchasing an additional 388,165 shares during the quarter. Bank of Nova Scotia’s holdings in Freeport-McMoran were worth $3,678,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Freeport-McMoran by 4.9% in the second quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock worth $1,675,425,000 after acquiring an additional 6,510,840 shares during the period. State Street Corp grew its position in Freeport-McMoran by 4.6% during the first quarter. State Street Corp now owns 64,979,781 shares of the natural resource company’s stock valued at $868,135,000 after buying an additional 2,835,834 shares during the period. Bank of New York Mellon Corp grew its position in Freeport-McMoran by 39.4% during the second quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock valued at $247,029,000 after buying an additional 5,810,712 shares during the period. Geode Capital Management LLC grew its position in Freeport-McMoran by 14.7% during the first quarter. Geode Capital Management LLC now owns 12,966,422 shares of the natural resource company’s stock valued at $172,986,000 after buying an additional 1,664,093 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Freeport-McMoran by 8.9% during the second quarter. Dimensional Fund Advisors LP now owns 11,521,016 shares of the natural resource company’s stock valued at $138,385,000 after buying an additional 944,896 shares during the period. Institutional investors and hedge funds own 68.02% of the company’s stock.

Shares of Freeport-McMoran, Inc. (FCX) traded down 4.459% during trading on Friday, reaching $14.035. 3,449,559 shares of the company’s stock traded hands. Freeport-McMoran, Inc. has a 1-year low of $10.49 and a 1-year high of $17.06. The company has a market capitalization of $20.31 billion, a price-to-earnings ratio of 19.795 and a beta of 2.54. The company has a 50 day moving average of $14.46 and a 200-day moving average of $13.29.

Freeport-McMoran (NYSE:FCX) last posted its quarterly earnings data on Wednesday, October 25th. The natural resource company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.03. The company had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.06 billion. Freeport-McMoran had a return on equity of 13.35% and a net margin of 6.20%. The business’s revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.13 earnings per share. Equities analysts predict that Freeport-McMoran, Inc. will post $1.04 earnings per share for the current year.

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In other Freeport-McMoran news, COO Harry M. Iv Conger acquired 36,180 shares of Freeport-McMoran stock in a transaction on Thursday, September 7th. The shares were bought at an average price of $15.23 per share, with a total value of $551,021.40. Following the completion of the purchase, the chief operating officer now owns 73,943 shares in the company, valued at $1,126,151.89. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.29% of the stock is currently owned by insiders.

Several equities analysts have issued reports on FCX shares. Jefferies Group LLC set a $15.00 price objective on shares of Freeport-McMoran and gave the company a “buy” rating in a report on Monday, July 10th. ValuEngine raised shares of Freeport-McMoran from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Vertical Research reissued a “buy” rating and issued a $20.00 price target on shares of Freeport-McMoran in a research note on Tuesday, August 29th. Zacks Investment Research raised shares of Freeport-McMoran from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research note on Tuesday, October 10th. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $15.00 target price on shares of Freeport-McMoran in a research note on Thursday, June 29th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Freeport-McMoran currently has an average rating of “Hold” and a consensus target price of $15.76.

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.

Institutional Ownership by Quarter for Freeport-McMoran (NYSE:FCX)

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