State Treasurer State of Michigan raised its position in Freeport-McMoran, Inc. (NYSE:FCX) by 0.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 437,423 shares of the natural resource company’s stock after buying an additional 600 shares during the period. State Treasurer State of Michigan’s holdings in Freeport-McMoran were worth $5,253,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Freeport-McMoran by 10.7% in the first quarter. Vanguard Group Inc. now owns 132,991,679 shares of the natural resource company’s stock worth $1,776,769,000 after buying an additional 12,897,514 shares during the last quarter. State Street Corp increased its stake in shares of Freeport-McMoran by 4.6% in the first quarter. State Street Corp now owns 64,979,781 shares of the natural resource company’s stock worth $868,135,000 after buying an additional 2,835,834 shares during the last quarter. FMR LLC increased its stake in shares of Freeport-McMoran by 104.4% in the first quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock worth $566,451,000 after buying an additional 21,652,647 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Freeport-McMoran by 46.2% in the first quarter. Bank of New York Mellon Corp now owns 14,757,919 shares of the natural resource company’s stock worth $197,166,000 after buying an additional 4,662,665 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Freeport-McMoran by 14.7% in the first quarter. Geode Capital Management LLC now owns 12,966,422 shares of the natural resource company’s stock worth $172,986,000 after buying an additional 1,664,093 shares during the last quarter. 69.48% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoran, Inc. (FCX) opened at 13.01 on Monday. The stock has a market cap of $18.82 billion, a PE ratio of 69.57 and a beta of 2.55. Freeport-McMoran, Inc. has a 52 week low of $9.24 and a 52 week high of $17.06. The stock has a 50 day moving average price of $12.04 and a 200 day moving average price of $13.18.

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

WARNING: This piece of content was reported by Daily Political and is the property of of Daily Political. If you are accessing this piece of content on another domain, it was copied illegally and reposted in violation of US and international copyright and trademark legislation. The original version of this piece of content can be viewed at https://www.dailypolitical.com/2017/07/24/freeport-mcmoran-inc-nysefcx-stake-raised-by-state-treasurer-state-of-michigan.html.

FCX has been the subject of a number of recent analyst reports. FBR & Co reissued a “market perform” rating and set a $13.00 price objective on shares of Freeport-McMoran in a research report on Tuesday, March 28th. BMO Capital Markets reissued a “hold” rating and set a $15.00 price objective on shares of Freeport-McMoran in a research report on Thursday, June 29th. Clarkson Capital reissued a “neutral” rating on shares of Freeport-McMoran in a research report on Monday, July 10th. Berenberg Bank set a $10.00 price objective on Freeport-McMoran and gave the stock a “sell” rating in a research report on Saturday. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $17.00 price objective on shares of Freeport-McMoran in a research report on Wednesday, April 19th. Five research analysts have rated the stock with a sell rating, nine have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Freeport-McMoran presently has an average rating of “Hold” and an average price target of $13.77.

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.

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoran, Inc. (NYSE:FCX).

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

Receive News & Ratings for Freeport-McMoran Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoran Inc. and related companies with MarketBeat.com's FREE daily email newsletter.