Manning & Napier Advisors LLC raised its position in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 11.9% during the second quarter, Holdings Channel reports. The fund owned 7,089,987 shares of the natural resource company’s stock after buying an additional 754,224 shares during the period. Manning & Napier Advisors LLC’s holdings in Freeport-McMoran were worth $85,150,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in FCX. Quadrature Capital Ltd boosted its stake in shares of Freeport-McMoran by 7,264.4% in the fourth quarter. Quadrature Capital Ltd now owns 1,361,304 shares of the natural resource company’s stock worth $17,956,000 after buying an additional 1,342,819 shares during the last quarter. Wealthfront Inc. boosted its stake in shares of Freeport-McMoran by 17.7% in the fourth quarter. Wealthfront Inc. now owns 30,519 shares of the natural resource company’s stock worth $403,000 after buying an additional 4,589 shares during the last quarter. UBS Asset Management Americas Inc. boosted its stake in shares of Freeport-McMoran by 6.6% in the fourth quarter. UBS Asset Management Americas Inc. now owns 3,859,533 shares of the natural resource company’s stock worth $50,908,000 after buying an additional 240,129 shares during the last quarter. M Holdings Securities Inc. boosted its stake in shares of Freeport-McMoran by 3.6% in the fourth quarter. M Holdings Securities Inc. now owns 14,246 shares of the natural resource company’s stock worth $188,000 after buying an additional 490 shares during the last quarter. Finally, Teachers Advisors LLC boosted its stake in shares of Freeport-McMoran by 35.0% in the fourth quarter. Teachers Advisors LLC now owns 5,960,568 shares of the natural resource company’s stock worth $78,620,000 after buying an additional 1,545,003 shares during the last quarter. 69.46% of the stock is owned by institutional investors and hedge funds.

Shares of Freeport-McMoran, Inc. (NYSE:FCX) traded down 0.23% during trading on Friday, hitting $13.01. 11,718,713 shares of the company traded hands. The firm has a 50 day moving average price of $12.04 and a 200-day moving average price of $13.18. Freeport-McMoran, Inc. has a one year low of $9.24 and a one year high of $17.06. The stock has a market cap of $18.82 billion, a price-to-earnings ratio of 69.57 and a beta of 2.55.

Freeport-McMoran (NYSE:FCX) last released its earnings results on Tuesday, April 25th. The natural resource company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.16 by $0.01. The firm had revenue of $3.34 billion during the quarter, compared to analysts’ expectations of $3.51 billion. Freeport-McMoran had a return on equity of 7.97% and a net margin of 1.11%. The business’s revenue was down 5.3% on a year-over-year basis. During the same period last year, the business earned ($0.16) earnings per share. Analysts predict that Freeport-McMoran, Inc. will post $1.01 EPS for the current year.

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A number of equities research analysts have recently commented on FCX shares. Jefferies Group LLC upped their target price on shares of Freeport-McMoran to $16.00 and gave the company a “buy” rating in a report on Tuesday, March 28th. FBR & Co reaffirmed a “market perform” rating and issued a $13.00 target price on shares of Freeport-McMoran in a report on Tuesday, March 28th. Vetr cut shares of Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $14.64 target price for the company. in a report on Monday, April 10th. Cowen and Company reaffirmed a “buy” rating on shares of Freeport-McMoran in a report on Tuesday, April 11th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $17.00 target price on shares of Freeport-McMoran in a report on Wednesday, April 19th. Five research analysts have rated the stock with a sell rating, nine have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $13.77.

About Freeport-McMoran

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

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