PNC Financial Services Group Inc. cut its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 42.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 135,510 shares of the natural resource company’s stock after selling 98,341 shares during the period. PNC Financial Services Group Inc.’s holdings in Freeport-McMoRan were worth $1,747,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Intrust Bank NA increased its position in Freeport-McMoRan by 85.4% during the 4th quarter. Intrust Bank NA now owns 29,668 shares of the natural resource company’s stock worth $305,000 after purchasing an additional 13,664 shares during the period. Sentry Investment Management LLC increased its position in Freeport-McMoRan by 9.8% during the 4th quarter. Sentry Investment Management LLC now owns 94,760 shares of the natural resource company’s stock worth $977,000 after purchasing an additional 8,438 shares during the period. Cypress Capital Group increased its position in Freeport-McMoRan by 15.9% during the 4th quarter. Cypress Capital Group now owns 24,482 shares of the natural resource company’s stock worth $252,000 after purchasing an additional 3,367 shares during the period. Level Four Advisory Services LLC increased its position in Freeport-McMoRan by 28.7% during the 4th quarter. Level Four Advisory Services LLC now owns 17,053 shares of the natural resource company’s stock worth $176,000 after purchasing an additional 3,803 shares during the period. Finally, Ruffer LLP increased its position in Freeport-McMoRan by 173.4% during the 4th quarter. Ruffer LLP now owns 555,000 shares of the natural resource company’s stock worth $5,719,000 after purchasing an additional 352,024 shares during the period. 72.55% of the stock is owned by hedge funds and other institutional investors.
FCX has been the topic of several recent analyst reports. Citigroup upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $14.00 to $16.00 in a research report on Tuesday, February 19th. UBS Group set a $14.00 target price on Freeport-McMoRan and gave the stock a “hold” rating in a research report on Friday, April 5th. Zacks Investment Research cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, April 11th. Barclays boosted their target price on Freeport-McMoRan from $11.00 to $12.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 9th. Finally, Raymond James reiterated a “market perform” rating and set a $14.00 target price on shares of Freeport-McMoRan in a research report on Friday, April 26th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. Freeport-McMoRan presently has an average rating of “Hold” and an average target price of $15.01.
FCX opened at $10.65 on Friday. The company has a market capitalization of $15.71 billion, a P/E ratio of 7.01 and a beta of 2.27. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.41 and a current ratio of 2.79. Freeport-McMoRan Inc has a 1-year low of $9.47 and a 1-year high of $18.14.
Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, April 25th. The natural resource company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.03). The firm had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.77 billion. Freeport-McMoRan had a return on equity of 10.31% and a net margin of 9.09%. The business’s revenue was down 22.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.46 EPS. As a group, equities research analysts forecast that Freeport-McMoRan Inc will post 0.4 earnings per share for the current fiscal year.
In other news, Vice Chairman Richard C. Adkerson purchased 172,000 shares of the stock in a transaction that occurred on Thursday, June 6th. The shares were acquired at an average price of $10.14 per share, for a total transaction of $1,744,080.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Harry M. Iv Conger sold 155,000 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $10.51, for a total value of $1,629,050.00. Following the completion of the sale, the chief operating officer now owns 416,382 shares in the company, valued at approximately $4,376,174.82. The disclosure for this sale can be found here. Corporate insiders own 0.98% of the company’s stock.
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Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
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