Wedbush Securities Inc. raised its holdings in Freeport-McMoRan Inc (NYSE:FCX) by 14.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,143 shares of the natural resource company’s stock after buying an additional 6,643 shares during the quarter. Wedbush Securities Inc.’s holdings in Freeport-McMoRan were worth $726,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Renaissance Technologies LLC raised its position in shares of Freeport-McMoRan by 426.2% in the 3rd quarter. Renaissance Technologies LLC now owns 2,133,171 shares of the natural resource company’s stock valued at $29,694,000 after purchasing an additional 1,727,771 shares in the last quarter. Riverhead Capital Management LLC raised its position in shares of Freeport-McMoRan by 7.6% during the 3rd quarter. Riverhead Capital Management LLC now owns 276,062 shares of the natural resource company’s stock valued at $3,843,000 after acquiring an additional 19,450 shares in the last quarter. Ashler Capital LLC acquired a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at approximately $19,810,000. Marathon Trading Investment Management LLC raised its position in shares of Freeport-McMoRan by 254.7% during the 3rd quarter. Marathon Trading Investment Management LLC now owns 19,818 shares of the natural resource company’s stock valued at $276,000 after acquiring an additional 14,231 shares in the last quarter. Finally, Cito Capital Group LLC raised its position in shares of Freeport-McMoRan by 21.2% during the 3rd quarter. Cito Capital Group LLC now owns 40,000 shares of the natural resource company’s stock valued at $557,000 after acquiring an additional 7,000 shares in the last quarter. Institutional investors own 70.43% of the company’s stock.
In other news, Director Courtney Mather sold 75,000 shares of the company’s stock in a transaction on Tuesday, October 30th. The stock was sold at an average price of $11.15, for a total value of $836,250.00. Following the completion of the sale, the director now owns 152,133 shares in the company, valued at $1,696,282.95. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.05% of the company’s stock.
FCX has been the topic of several research reports. ValuEngine lowered Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 15th. Clarkson Capital lowered Freeport-McMoRan from a “buy” rating to a “neutral” rating and set a $15.00 price target on the stock. in a research report on Tuesday, September 11th. B. Riley dropped their price target on Freeport-McMoRan from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 19th. Deutsche Bank set a $15.00 price target on Freeport-McMoRan and gave the company a “hold” rating in a research report on Tuesday, October 2nd. Finally, Barclays started coverage on Freeport-McMoRan in a research report on Wednesday, October 10th. They set an “underweight” rating and a $12.00 price target on the stock. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company’s stock. Freeport-McMoRan currently has an average rating of “Hold” and a consensus target price of $16.71.
Shares of Freeport-McMoRan stock opened at $11.43 on Friday. The company has a quick ratio of 1.78, a current ratio of 2.84 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $16.66 billion, a PE ratio of 9.77 and a beta of 2.45. Freeport-McMoRan Inc has a fifty-two week low of $10.59 and a fifty-two week high of $20.25.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.02. The business had revenue of $4.91 billion during the quarter, compared to analyst estimates of $4.50 billion. Freeport-McMoRan had a return on equity of 22.63% and a net margin of 15.80%. The company’s revenue was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.34 earnings per share. Equities analysts anticipate that Freeport-McMoRan Inc will post 1.7 earnings per share for the current fiscal year.
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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.
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