Cadence Capital Management LLC purchased a new stake in Freeport-McMoran, Inc. (NYSE:FCX) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 39,319 shares of the natural resource company’s stock, valued at approximately $552,000.
Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Freeport-McMoran by 4.9% in the second quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock valued at $1,675,425,000 after buying an additional 6,510,840 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Freeport-McMoran by 18.1% in the third quarter. Bank of New York Mellon Corp now owns 24,292,902 shares of the natural resource company’s stock worth $341,073,000 after acquiring an additional 3,724,271 shares during the period. Dimensional Fund Advisors LP lifted its stake in Freeport-McMoran by 8.9% in the second quarter. Dimensional Fund Advisors LP now owns 11,521,016 shares of the natural resource company’s stock worth $138,385,000 after acquiring an additional 944,896 shares during the period. TIAA CREF Investment Management LLC increased its holdings in shares of Freeport-McMoran by 18.8% during the second quarter. TIAA CREF Investment Management LLC now owns 8,810,911 shares of the natural resource company’s stock valued at $105,819,000 after acquiring an additional 1,391,459 shares in the last quarter. Finally, BT Investment Management Ltd increased its holdings in shares of Freeport-McMoran by 6.4% during the third quarter. BT Investment Management Ltd now owns 8,402,905 shares of the natural resource company’s stock valued at $118,048,000 after acquiring an additional 507,722 shares in the last quarter. 68.12% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Freeport-McMoran, Inc. (FCX) traded down $0.19 during trading hours on Wednesday, hitting $14.11. The stock had a trading volume of 19,535,100 shares, compared to its average volume of 21,046,389. Freeport-McMoran, Inc. has a 52-week low of $11.05 and a 52-week high of $17.06. The stock has a market cap of $20,700.54, a price-to-earnings ratio of 15.71 and a beta of 2.56. 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 (NYSE:FCX) last announced its earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $4.06 billion. During the same quarter last year, the firm posted $0.13 EPS. The business’s revenue was up 11.2% on a year-over-year basis. analysts forecast that Freeport-McMoran, Inc. will post 1.07 earnings per share for the current year.
FCX has been the topic of several recent analyst reports. Jefferies Group set a $18.00 price objective on shares of Freeport-McMoran and gave the company a “buy” rating in a report on Monday, August 28th. Berenberg Bank reiterated a “sell” rating and issued a $10.40 price target on shares of Freeport-McMoran in a report on Tuesday, September 5th. ValuEngine upgraded shares of Freeport-McMoran from a “hold” rating to a “buy” rating in a report on Thursday, August 31st. Zacks Investment Research upgraded Freeport-McMoran from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research report on Tuesday, November 14th. Finally, FBR & Co restated a “hold” rating and issued a $12.00 price objective on shares of Freeport-McMoran in a research report on Thursday, October 26th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $15.57.
In other Freeport-McMoran news, COO Harry M. Iv Conger bought 36,180 shares of the firm’s stock in a transaction dated Thursday, September 7th. The shares were purchased at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the transaction, the chief operating officer now directly owns 73,943 shares of the company’s stock, valued at approximately $1,126,151.89. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.29% of the company’s stock.
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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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