V Wealth Advisors LLC cut its holdings in Freeport-McMoRan Inc (NYSE:FCX) by 5.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,905 shares of the natural resource company’s stock after selling 1,000 shares during the period. V Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $207,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in the stock. First PREMIER Bank acquired a new stake in Freeport-McMoRan during the first quarter worth about $30,000. Jacobi Capital Management LLC grew its stake in Freeport-McMoRan by 48.0% during the first quarter. Jacobi Capital Management LLC now owns 4,508 shares of the natural resource company’s stock worth $30,000 after buying an additional 1,463 shares in the last quarter. FNY Investment Advisers LLC grew its stake in Freeport-McMoRan by 900.0% during the first quarter. FNY Investment Advisers LLC now owns 5,000 shares of the natural resource company’s stock worth $33,000 after buying an additional 4,500 shares in the last quarter. WASHINGTON TRUST Co acquired a new stake in Freeport-McMoRan during the first quarter worth about $42,000. Finally, First Mercantile Trust Co. acquired a new stake in Freeport-McMoRan during the first quarter worth about $43,000. Institutional investors and hedge funds own 71.16% of the company’s stock.
A number of brokerages have issued reports on FCX. Barclays downgraded shares of Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and set a $14.00 price objective on the stock. in a research note on Monday, July 20th. They noted that the move was a valuation call. Raymond James set a $13.50 price target on shares of Freeport-McMoRan and gave the company a “market perform” rating in a research note on Friday, July 24th. Zacks Investment Research upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a report on Wednesday, June 24th. Deutsche Bank raised their price objective on shares of Freeport-McMoRan from $13.50 to $16.00 and gave the company a “buy” rating in a report on Thursday. Finally, Royal Bank of Canada reiterated a “hold” rating on shares of Freeport-McMoRan in a report on Thursday, July 9th. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $14.03.
Freeport-McMoRan stock opened at $12.92 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.15 and a current ratio of 2.46. Freeport-McMoRan Inc has a 52-week low of $4.82 and a 52-week high of $13.86. The firm has a 50 day moving average price of $12.03 and a two-hundred day moving average price of $10.16. The firm has a market cap of $18.76 billion, a price-to-earnings ratio of -32.30 and a beta of 2.27.
Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.06. The firm had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.06 billion. Freeport-McMoRan had a negative net margin of 4.28% and a negative return on equity of 0.98%. The company’s revenue was down 13.9% compared to the same quarter last year. During the same quarter last year, the business earned ($0.04) EPS. As a group, equities research analysts predict that Freeport-McMoRan Inc will post 0.28 EPS for the current fiscal year.
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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