Independent Investors Inc. Maintains Position in Freeport-McMoRan Inc. (FCX)
Independent Investors Inc. maintained its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) during the second quarter, according to its most recent disclosure with the SEC. The firm owned 14,700 shares of the natural resource company’s stock at the end of the second quarter. Independent Investors Inc.’s holdings in Freeport-McMoRan were worth $163,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the company. Fox Run Management L.L.C. acquired a new stake in shares of Freeport-McMoRan during the second quarter worth approximately $115,000. Silvercrest Asset Management Group LLC acquired a new stake in shares of Freeport-McMoRan during the first quarter worth approximately $120,000. Swarthmore Group Inc. acquired a new stake in shares of Freeport-McMoRan during the second quarter worth approximately $125,000. Bessemer Group Inc. raised its stake in shares of Freeport-McMoRan by 260.4% in the first quarter. Bessemer Group Inc. now owns 13,509 shares of the natural resource company’s stock worth $140,000 after buying an additional 9,761 shares in the last quarter. Finally, Atria Investments LLC acquired a new stake in shares of Freeport-McMoRan during the second quarter worth approximately $141,000. 67.74% of the stock is currently owned by institutional investors and hedge funds.
Freeport-McMoRan Inc. (NYSE:FCX) traded up 2.10% on Tuesday, hitting $9.72. 17,257,722 shares of the stock were exchanged. The company has a 50-day moving average price of $10.34 and a 200-day moving average price of $11.19. Freeport-McMoRan Inc. has a 52-week low of $3.52 and a 52-week high of $14.06. The firm’s market cap is $12.91 billion.
Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.01) by $0.01. The business had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.70 billion. Freeport-McMoRan had a negative return on equity of 3.68% and a negative net margin of 87.70%. The company’s revenue for the quarter was down 15.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.14 earnings per share. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post $0.45 EPS for the current fiscal year.
A number of analysts have recently commented on FCX shares. Jefferies Group reissued a “buy” rating and issued a $15.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, July 14th. Vetr downgraded shares of Freeport-McMoRan from a “strong-buy” rating to a “buy” rating and set a $14.27 target price on the stock. in a report on Tuesday, July 12th. HSBC restated a “buy” rating on shares of Freeport-McMoRan in a report on Thursday, July 7th. Cowen and Company set a $15.00 target price on shares of Freeport-McMoRan and gave the stock a “buy” rating in a report on Tuesday, September 13th. Finally, Deutsche Bank AG upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their target price for the stock from $12.00 to $12.50 in a report on Monday, October 3rd. Six investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $10.42.
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.
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