Freeport-McMoran, Inc. (NYSE:FCX) Stake Boosted by Korea Investment CORP
Korea Investment CORP boosted its position in Freeport-McMoran, Inc. (NYSE:FCX) by 5.7% during the second quarter, according to its most recent filing with the SEC. The firm owned 1,021,487 shares of the natural resource company’s stock after buying an additional 55,468 shares during the period. Korea Investment CORP’s holdings in Freeport-McMoran were worth $12,268,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Cornerstone Financial Partners LLC boosted its position in shares of Freeport-McMoran by 230.3% in the first quarter. Cornerstone Financial Partners LLC now owns 137,034 shares of the natural resource company’s stock worth $1,833,000 after buying an additional 95,546 shares in the last quarter. BLB&B Advisors LLC boosted its position in shares of Freeport-McMoran by 1.4% in the first quarter. BLB&B Advisors LLC now owns 69,528 shares of the natural resource company’s stock worth $929,000 after buying an additional 950 shares in the last quarter. Atria Investments LLC purchased a new position in shares of Freeport-McMoran during the first quarter worth $134,000. Prospera Financial Services Inc boosted its position in shares of Freeport-McMoran by 0.6% in the first quarter. Prospera Financial Services Inc now owns 10,491 shares of the natural resource company’s stock worth $140,000 after buying an additional 60 shares in the last quarter. Finally, Private Trust Co. NA purchased a new position in shares of Freeport-McMoran during the first quarter worth $162,000. 69.45% of the stock is currently owned by institutional investors.
Shares of Freeport-McMoran, Inc. (FCX) opened at 14.70 on Tuesday. Freeport-McMoran, Inc. has a one year low of $9.24 and a one year high of $17.06. The stock’s 50 day moving average is $12.60 and its 200-day moving average is $13.12. The company has a market cap of $21.27 billion, a P/E ratio of 20.73 and a beta of 2.59.
Freeport-McMoran (NYSE:FCX) last announced its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by $0.04. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The company had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.67 billion. During the same quarter in the previous year, the firm earned ($0.02) earnings per share. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. Equities research analysts forecast that Freeport-McMoran, Inc. will post $0.87 earnings per share for the current year.
A number of equities analysts have recently weighed in on the stock. BMO Capital Markets set a $17.00 price target on shares of Freeport-McMoran and gave the stock a “hold” rating in a research report on Wednesday, July 26th. Cowen and Company boosted their price objective on shares of Freeport-McMoran from $20.00 to $22.00 and gave the company an “outperform” rating in a research report on Thursday, July 27th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Freeport-McMoran in a research report on Thursday, July 27th. FBR & Co reaffirmed a “market perform” rating and issued a $13.00 price objective (up from $12.00) on shares of Freeport-McMoran in a research report on Thursday, July 27th. Finally, Berenberg Bank set a $10.00 price objective on shares of Freeport-McMoran and gave the company a “sell” rating in a research report on Friday, July 28th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $14.27.
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).
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.