Montgomery Investment Management Inc. reduced its position in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 0.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 227,406 shares of the natural resource company’s stock after selling 300 shares during the period. Freeport-McMoran accounts for 1.2% of Montgomery Investment Management Inc.’s portfolio, making the stock its 25th largest position. Montgomery Investment Management Inc.’s holdings in Freeport-McMoran were worth $2,731,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FCX. HL Financial Services LLC purchased a new position in shares of Freeport-McMoran during the second quarter worth approximately $154,000. Advisor Partners LLC increased its position in shares of Freeport-McMoran by 13.9% in the second quarter. Advisor Partners LLC now owns 48,881 shares of the natural resource company’s stock worth $587,000 after buying an additional 5,971 shares during the period. Pictet Asset Management Ltd. increased its position in shares of Freeport-McMoran by 2.7% in the second quarter. Pictet Asset Management Ltd. now owns 703,258 shares of the natural resource company’s stock worth $8,080,000 after buying an additional 18,800 shares during the period. Tdam USA Inc. increased its position in shares of Freeport-McMoran by 14.7% in the second quarter. Tdam USA Inc. now owns 15,711 shares of the natural resource company’s stock worth $190,000 after buying an additional 2,015 shares during the period. Finally, Retirement Systems of Alabama increased its position in shares of Freeport-McMoran by 0.4% in the second quarter. Retirement Systems of Alabama now owns 645,373 shares of the natural resource company’s stock worth $7,751,000 after buying an additional 2,595 shares during the period. 69.45% of the stock is owned by institutional investors.

Shares of Freeport-McMoran, Inc. (NYSE:FCX) opened at 14.47 on Wednesday. The firm has a market cap of $20.94 billion, a PE ratio of 20.41 and a beta of 2.59. Freeport-McMoran, Inc. has a 52 week low of $9.24 and a 52 week high of $17.06. The firm has a 50-day moving average of $12.81 and a 200 day moving average of $13.15.

Freeport-McMoran (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by $0.04. The business had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.67 billion. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. Freeport-McMoran’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the company earned ($0.02) earnings per share. Equities research analysts predict that Freeport-McMoran, Inc. will post $0.87 EPS for the current fiscal year.

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A number of brokerages have recently commented on FCX. Zacks Investment Research raised shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a research report on Friday, July 28th. Berenberg Bank set a $10.00 target price on shares of Freeport-McMoran and gave the stock a “sell” rating in a research note on Friday, July 28th. FBR & Co restated a “market perform” rating and set a $13.00 target price (up previously from $12.00) on shares of Freeport-McMoran in a research note on Thursday, July 27th. Jefferies Group LLC restated a “buy” rating and set a $18.00 target price on shares of Freeport-McMoran in a research note on Thursday, July 27th. Finally, Cowen and Company raised their target price on shares of Freeport-McMoran from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Thursday, July 27th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $14.27.

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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