Freeport-McMoran, Inc. (FCX) Shares Sold by Isthmus Partners LLC
Isthmus Partners LLC decreased its stake in Freeport-McMoran, Inc. (NYSE:FCX) by 3.6% during the third quarter, Holdings Channel reports. The institutional investor owned 131,587 shares of the natural resource company’s stock after selling 4,869 shares during the period. Isthmus Partners LLC’s holdings in Freeport-McMoran were worth $1,322,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Advisory Services Network LLC raised its position in Freeport-McMoran by 20.1% in the second quarter. Advisory Services Network LLC now owns 86,274 shares of the natural resource company’s stock valued at $961,000 after buying an additional 14,422 shares in the last quarter. CG Asset Management LLC bought a new stake in shares of Freeport-McMoran during the second quarter valued at about $160,000. ING Groep NV boosted its stake in shares of Freeport-McMoran by 9.4% in the second quarter. ING Groep NV now owns 204,113 shares of the natural resource company’s stock valued at $2,276,000 after buying an additional 17,513 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its stake in shares of Freeport-McMoran by 9.5% in the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 42,064 shares of the natural resource company’s stock valued at $469,000 after buying an additional 3,664 shares during the last quarter. Finally, Essex Investment Management Co. LLC boosted its stake in shares of Freeport-McMoran by 2.9% in the second quarter. Essex Investment Management Co. LLC now owns 377,788 shares of the natural resource company’s stock valued at $4,209,000 after buying an additional 10,688 shares during the last quarter. Institutional investors and hedge funds own 69.83% of the company’s stock.
Shares of Freeport-McMoran, Inc. (NYSE:FCX) traded down 0.52% during midday trading on Friday, reaching $15.19. The company’s stock had a trading volume of 33,861,050 shares. Freeport-McMoran, Inc. has a 1-year low of $3.52 and a 1-year high of $16.42. The company’s market capitalization is $20.68 billion. The stock has a 50 day moving average of $14.77 and a 200-day moving average of $12.26.
Freeport-McMoran (NYSE:FCX) last posted its earnings results on Tuesday, October 25th. The natural resource company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by $0.06. Freeport-McMoran had a negative net margin of 58.67% and a negative return on equity of 0.72%. The firm earned $3.88 billion during the quarter, compared to analyst estimates of $3.95 billion. During the same quarter in the previous year, the business posted ($0.15) earnings per share. The business’s quarterly revenue was up 14.6% compared to the same quarter last year. On average, equities research analysts anticipate that Freeport-McMoran, Inc. will post $0.29 earnings per share for the current year.
Several analysts have recently issued reports on FCX shares. Berenberg Bank reiterated a “hold” rating and issued a $10.00 price objective on shares of Freeport-McMoran in a research note on Sunday, September 18th. Vetr cut Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $11.90 price objective on the stock. in a research note on Thursday, September 22nd. Deutsche Bank AG upgraded Freeport-McMoran from a “hold” rating to a “buy” rating and increased their price objective for the company from $12.00 to $12.50 in a research note on Monday, October 3rd. Bank of America started coverage on Freeport-McMoran in a research note on Monday, October 17th. They issued an “underperform” rating and a $8.00 price objective on the stock. Finally, Jefferies Group set a $15.00 price objective on Freeport-McMoran and gave the company a “buy” rating in a research note on Sunday, October 16th. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $11.43.
In related news, Director Courtney Mather purchased 150,000 shares of the firm’s stock in a transaction on Thursday, October 27th. The shares were bought at an average cost of $10.72 per share, for a total transaction of $1,608,000.00. Following the transaction, the director now directly owns 65,523 shares of the company’s stock, valued at approximately $702,406.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.40% of the stock is currently owned by corporate insiders.
Freeport-McMoran Company Profile
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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