Berkshire Asset Management LLC PA cut its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 9.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,768 shares of the natural resource company’s stock after selling 1,980 shares during the period. Berkshire Asset Management LLC PA’s holdings in Freeport-McMoRan were worth $264,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Financial Architects Inc increased its position in shares of Freeport-McMoRan by 23.7% in the third quarter. Financial Architects Inc now owns 22,163 shares of the natural resource company’s stock valued at $241,000 after buying an additional 4,250 shares during the period. Private Ocean LLC purchased a new position in shares of Freeport-McMoRan during the third quarter valued at $217,000. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Freeport-McMoRan by 57.9% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 5,180,754 shares of the natural resource company’s stock valued at $56,263,000 after buying an additional 1,899,083 shares during the period. V Wealth Management LLC increased its position in shares of Freeport-McMoRan by 3.0% in the third quarter. V Wealth Management LLC now owns 17,180 shares of the natural resource company’s stock valued at $185,000 after buying an additional 500 shares during the period. Finally, Arrow Investment Advisors LLC increased its position in shares of Freeport-McMoRan by 9.1% in the third quarter. Arrow Investment Advisors LLC now owns 144,167 shares of the natural resource company’s stock valued at $1,566,000 after buying an additional 12,004 shares during the period. Institutional investors and hedge funds own 66.80% of the company’s stock.

Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

Freeport-McMoRan Inc (NYSE:FCX) traded down 2.35% during mid-day trading on Tuesday, hitting $12.45. 8,966,813 shares of the company were exchanged. The company’s market cap is $17.99 billion. The stock’s 50 day moving average is $12.97 and its 200-day moving average is $13.53. Freeport-McMoRan Inc has a 12-month low of $9.24 and a 12-month high of $17.06.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, January 25th. The natural resource company reported $0.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.33 by $0.08. Freeport-McMoRan had a positive return on equity of 3.52% and a negative net margin of 28.09%. The company had revenue of $4.38 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same period last year, the firm posted ($0.02) EPS. The company’s revenue was up 24.5% compared to the same quarter last year. Equities research analysts predict that Freeport-McMoRan Inc will post $1.03 EPS for the current year.

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Several research analysts have recently weighed in on the stock. FBR & Co upped their target price on shares of Freeport-McMoRan from $12.00 to $13.00 and gave the company a “mkt perform” rating in a research note on Friday, February 3rd. Vetr upgraded shares of Freeport-McMoRan from a “buy” rating to a “strong-buy” rating and set a $19.31 price objective on the stock in a research note on Wednesday, February 1st. Royal Bank of Canada reiterated a “sector perform” rating and set a $19.00 price objective on shares of Freeport-McMoRan in a research note on Saturday, January 28th. Barclays PLC reiterated an “equal weight” rating and set a $14.00 price objective on shares of Freeport-McMoRan in a research note on Monday, January 30th. Finally, Zacks Investment Research downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Monday, January 30th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Freeport-McMoRan currently has a consensus rating of “Hold” and an average target price of $13.86.

In related news, COO Harry M. Iv Conger sold 77,500 shares of the business’s stock in a transaction on Thursday, February 16th. The shares were sold at an average price of $15.24, for a total transaction of $1,181,100.00. Following the transaction, the chief operating officer now owns 37,763 shares of the company’s stock, valued at $575,508.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP C Donald Whitmire, Jr. sold 2,525 shares of the business’s stock in a transaction on Thursday, February 16th. The stock was sold at an average price of $15.22, for a total transaction of $38,430.50. Following the transaction, the vice president now directly owns 60,989 shares in the company, valued at approximately $928,252.58. The disclosure for this sale can be found here. Insiders have sold 151,645 shares of company stock worth $2,340,571 in the last ninety days. 1.40% of the stock is currently owned by insiders.

Freeport-McMoRan Company Profile

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.

5 Day Chart for NYSE:FCX

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