Private Asset Management Inc. cut its holdings in Freeport-McMoRan Inc (NYSE:FCX) by 8.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 214,228 shares of the natural resource company’s stock after selling 19,024 shares during the quarter. Private Asset Management Inc.’s holdings in Freeport-McMoRan were worth $4,062,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of the stock. Shell Asset Management Co. boosted its stake in shares of Freeport-McMoRan by 97.9% during the third quarter. Shell Asset Management Co. now owns 160,362 shares of the natural resource company’s stock valued at $5,236,000 after purchasing an additional 79,343 shares during the period. AXA purchased a new stake in shares of Freeport-McMoRan during the second quarter valued at $15,414,000. Ameriprise Financial Inc. boosted its stake in shares of Freeport-McMoRan by 10.8% during the third quarter. Ameriprise Financial Inc. now owns 2,761,342 shares of the natural resource company’s stock valued at $38,769,000 after purchasing an additional 270,171 shares during the period. Caxton Associates LP purchased a new stake in shares of Freeport-McMoRan during the second quarter valued at $7,206,000. Finally, Commerzbank Aktiengesellschaft FI boosted its stake in shares of Freeport-McMoRan by 114.3% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 1,667,157 shares of the natural resource company’s stock valued at $23,407,000 after purchasing an additional 889,048 shares during the period. 68.07% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have recently issued reports on the stock. B. Riley reissued a “neutral” rating on shares of Freeport-McMoRan in a research note on Wednesday, November 1st. Zacks Investment Research downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday. Deutsche Bank downgraded Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $13.00 price objective for the company. in a report on Tuesday, October 17th. ValuEngine upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, October 26th. Finally, FBR & Co restated a “hold” rating and issued a $12.00 price objective on shares of Freeport-McMoRan in a report on Thursday, October 26th. Two investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Freeport-McMoRan currently has a consensus rating of “Hold” and an average price target of $15.80.
Shares of Freeport-McMoRan Inc (FCX) traded down $0.13 during mid-day trading on Friday, hitting $19.75. The stock had a trading volume of 14,186,749 shares, compared to its average volume of 20,040,000. Freeport-McMoRan Inc has a 1-year low of $11.05 and a 1-year high of $20.07. The stock has a market capitalization of $28,580.00, a price-to-earnings ratio of 27.43 and a beta of 2.51. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.02 and a quick ratio of 1.32.
Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Wednesday, October 25th. The natural resource company reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.03. The firm had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.06 billion. Freeport-McMoRan had a return on equity of 13.35% and a net margin of 6.20%. Freeport-McMoRan’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.13 earnings per share. equities analysts expect that Freeport-McMoRan Inc will post 1.09 earnings per share for the current year.
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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