Meeder Asset Management Inc. purchased a new stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 43,390 shares of the natural resource company’s stock, valued at approximately $609,000.
Several other institutional investors and hedge funds have also modified their holdings of FCX. BT Investment Management Ltd bought a new stake in shares of Freeport-McMoran during the 2nd quarter valued at about $94,821,000. BlueMountain Capital Management LLC boosted its position in shares of Freeport-McMoran by 100.4% during the 2nd quarter. BlueMountain Capital Management LLC now owns 26,461 shares of the natural resource company’s stock valued at $318,000 after acquiring an additional 6,651,458 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Freeport-McMoran by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock valued at $1,675,425,000 after acquiring an additional 6,510,840 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Freeport-McMoran by 39.4% during the 2nd 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 acquiring an additional 5,810,712 shares during the last quarter. Finally, Contrarius Investment Management Ltd boosted its position in shares of Freeport-McMoran by 700.5% during the 2nd quarter. Contrarius Investment Management Ltd now owns 3,543,051 shares of the natural resource company’s stock valued at $42,552,000 after acquiring an additional 3,100,466 shares during the last quarter. Hedge funds and other institutional investors own 68.06% of the company’s stock.
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Freeport-McMoran, Inc. (FCX) traded down $0.31 on Friday, hitting $14.41. The stock had a trading volume of 13,518,200 shares, compared to its average volume of 21,539,439. The company has a quick ratio of 1.32, a current ratio of 2.02 and a debt-to-equity ratio of 1.23. Freeport-McMoran, Inc. has a 52-week low of $11.05 and a 52-week high of $17.06. The stock has a market capitalization of $21,308.53, a PE ratio of 16.18 and a beta of 2.57.
Freeport-McMoran (NYSE:FCX) last posted its earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.03. Freeport-McMoran had a return on equity of 13.35% and a net margin of 6.20%. The firm had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.06 billion. During the same period in the previous year, the firm earned $0.13 earnings per share. The business’s revenue was up 11.2% compared to the same quarter last year. analysts forecast that Freeport-McMoran, Inc. will post 1.07 earnings per share for the current fiscal year.
A number of analysts have recently issued reports on FCX shares. Berenberg Bank set a $10.00 price target on Freeport-McMoran and gave the company a “sell” rating in a research report on Saturday, July 22nd. BidaskClub upgraded Freeport-McMoran from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. BMO Capital Markets set a $17.00 target price on Freeport-McMoran and gave the stock a “hold” rating in a research report on Wednesday, July 26th. Cowen and Company boosted their target price on Freeport-McMoran from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Thursday, July 27th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $18.00 target price on shares of Freeport-McMoran in a research report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Freeport-McMoran has a consensus rating of “Hold” and a consensus target price of $15.54.
In other Freeport-McMoran news, COO Harry M. Iv Conger bought 36,180 shares of Freeport-McMoran stock in a transaction dated Thursday, September 7th. The shares were purchased at an average cost 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 of the company’s stock, valued at $1,126,151.89. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.29% of the stock is currently owned by insiders.
Freeport-McMoran Company Profile
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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