PineBridge Investments L.P. increased its position in Freeport-McMoran Copper & Gold Inc. (NYSE:FCX) by 200.3% during the second quarter, Holdings Channel reports. The firm owned 24,848 shares of the natural resource company’s stock after buying an additional 16,574 shares during the period. PineBridge Investments L.P.’s holdings in Freeport-McMoran Copper & Gold were worth $276,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of FCX. guardian investment management increased its stake in shares of Freeport-McMoran Copper & Gold by 0.3% in the first quarter. guardian investment management now owns 38,986 shares of the natural resource company’s stock worth $402,000 after buying an additional 121 shares during the period. CIBC World Markets Inc. increased its stake in shares of Freeport-McMoran Copper & Gold by 4.7% in the first quarter. CIBC World Markets Inc. now owns 17,969 shares of the natural resource company’s stock worth $186,000 after buying an additional 812 shares during the period. Hyman Charles D bought a new stake in shares of Freeport-McMoran Copper & Gold during the first quarter worth about $1,042,000. IFP Advisors Inc increased its stake in shares of Freeport-McMoran Copper & Gold by 66.6% in the first quarter. IFP Advisors Inc now owns 70,339 shares of the natural resource company’s stock worth $727,000 after buying an additional 28,109 shares during the period. Finally, Compton Capital Management Inc. RI increased its stake in shares of Freeport-McMoran Copper & Gold by 87.6% in the first quarter. Compton Capital Management Inc. RI now owns 26,122 shares of the natural resource company’s stock worth $270,000 after buying an additional 12,200 shares during the period. 67.78% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoran Copper & Gold Inc. (NYSE:FCX) opened at 10.98 on Friday. The firm’s 50-day moving average price is $11.12 and its 200 day moving average price is $11.15. Freeport-McMoran Copper & Gold Inc. has a 52-week low of $3.52 and a 52-week high of $14.20. The firm’s market cap is $14.58 billion.

Freeport-McMoran Copper & Gold (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by $0.01. The firm had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.70 billion. Freeport-McMoran Copper & Gold had a negative return on equity of 3.68% and a negative net margin of 87.70%. The business’s revenue was down 15.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.14 earnings per share. On average, equities research analysts forecast that Freeport-McMoran Copper & Gold Inc. will post $0.48 EPS for the current year.

A number of brokerages have issued reports on FCX. Berenberg Bank reaffirmed a “hold” rating and issued a $11.00 target price on shares of Freeport-McMoran Copper & Gold in a research note on Thursday, July 28th. Jefferies Group reaffirmed a “buy” rating and issued a $15.00 target price on shares of Freeport-McMoran Copper & Gold in a research note on Thursday, July 14th. BMO Capital Markets reaffirmed a “hold” rating on shares of Freeport-McMoran Copper & Gold in a research note on Wednesday, July 27th. Vetr raised Freeport-McMoran Copper & Gold from a “buy” rating to a “strong-buy” rating and set a $14.27 price objective for the company in a research report on Tuesday, July 19th. Finally, FBR & Co cut their price objective on Freeport-McMoran Copper & Gold from $11.00 to $9.00 and set a “mkt perform” rating for the company in a research report on Wednesday, July 20th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $10.75.

About Freeport-McMoran Copper & Gold

Freeport-McMoRan Inc (FCX) is a natural resource company with a portfolio of mineral assets, and oil and natural gas resources. The Company’s segments include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining operations and the U.S. Oil & Gas Operations. It has organized its operations into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines.

5 Day Chart for NYSE:FCX

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