The Manufacturers Life Insurance Company decreased its position in shares of Freeport-McMoRan Inc (NYSE:FCX) by 51.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,339,462 shares of the natural resource company’s stock after selling 1,418,577 shares during the period. The Manufacturers Life Insurance Company owned about 0.09% of Freeport-McMoRan worth $23,535,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in FCX. Penserra Capital Management LLC increased its stake in Freeport-McMoRan by 281.1% during the 1st quarter. Penserra Capital Management LLC now owns 6,319 shares of the natural resource company’s stock worth $100,000 after buying an additional 4,661 shares during the period. Princeton Capital Management LLC purchased a new stake in Freeport-McMoRan during the 1st quarter worth $101,000. Advisors Preferred LLC purchased a new stake in Freeport-McMoRan during the 1st quarter worth $105,000. American Beacon Advisors Inc. purchased a new stake in Freeport-McMoRan during the 4th quarter worth $131,000. Finally, Signaturefd LLC purchased a new stake in Freeport-McMoRan during the 1st quarter worth $147,000. 71.63% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts recently issued reports on FCX shares. Morgan Stanley lifted their price target on shares of Freeport-McMoRan from $14.00 to $15.00 and gave the stock a “hold” rating in a research note on Monday, March 26th. Jefferies Financial Group set a $25.00 price target on shares of Freeport-McMoRan and gave the stock a “buy” rating in a research note on Monday, April 9th. B. Riley raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $17.00 to $20.00 in a research note on Wednesday, May 23rd. Royal Bank of Canada boosted their target price on shares of Freeport-McMoRan to $22.00 and gave the stock a “sector perform” rating in a research report on Monday, March 12th. Finally, CIBC raised shares of Freeport-McMoRan from a “neutral” rating to a “sector outperform” rating and set a $20.00 target price for the company in a research report on Tuesday, May 1st. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $17.92.
Freeport-McMoRan stock opened at $16.30 on Thursday. The company has a quick ratio of 1.43, a current ratio of 2.33 and a debt-to-equity ratio of 0.93. The stock has a market cap of $23.56 billion, a price-to-earnings ratio of 13.93 and a beta of 2.48. Freeport-McMoRan Inc has a 52-week low of $11.12 and a 52-week high of $20.25.
Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, April 24th. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.10). The firm had revenue of $4.87 billion for the quarter, compared to analyst estimates of $4.92 billion. Freeport-McMoRan had a net margin of 12.72% and a return on equity of 19.92%. The company’s revenue for the quarter was up 45.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.15 earnings per share. equities analysts forecast that Freeport-McMoRan Inc will post 2.04 EPS for the current fiscal year.
Freeport-McMoRan Company Profile
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc (NYSE:FCX).
Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.