Morse Asset Management Inc Has $135,000 Position in Freeport-McMoran, Inc. (FCX)
Morse Asset Management Inc lowered its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 7.8% during the second quarter, Holdings Channel reports. The institutional investor owned 11,200 shares of the natural resource company’s stock after selling 950 shares during the period. Morse Asset Management Inc’s holdings in Freeport-McMoran were worth $135,000 as of its most recent filing with the SEC.
Several other large investors also recently made changes to their positions in the stock. First Manhattan Co. boosted its stake in shares of Freeport-McMoran by 0.3% in the second quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock valued at $120,000 after buying an additional 33 shares in the last quarter. Acrospire Investment Management LLC bought a new stake in shares of Freeport-McMoran during the first quarter valued at $122,000. Fisher Asset Management LLC bought a new stake in shares of Freeport-McMoran during the second quarter valued at $122,000. Advantage Investment Management LLC boosted its stake in shares of Freeport-McMoran by 5.6% in the first quarter. Advantage Investment Management LLC now owns 9,402 shares of the natural resource company’s stock valued at $126,000 after buying an additional 500 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its stake in shares of Freeport-McMoran by 56.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 10,704 shares of the natural resource company’s stock valued at $129,000 after buying an additional 3,865 shares in the last quarter. Hedge funds and other institutional investors own 69.45% of the company’s stock.
Shares of Freeport-McMoran, Inc. (NYSE:FCX) opened at 14.59 on Thursday. The firm has a 50-day moving average price of $13.08 and a 200 day moving average price of $13.12. The stock has a market cap of $21.11 billion, a price-to-earnings ratio of 20.58 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.
Freeport-McMoran (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.21 by $0.04. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The firm had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same period in the previous year, the firm earned ($0.02) EPS. The business’s revenue was up 11.3% compared to the same quarter last year. On average, analysts forecast that Freeport-McMoran, Inc. will post $0.87 EPS for the current fiscal year.
Several equities research analysts have recently weighed in on FCX shares. Jefferies Group LLC decreased their price target on Freeport-McMoran from $16.00 to $14.50 and set a “buy” rating on the stock in a research report on Thursday, June 8th. Vetr cut shares of Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $14.50 price objective on the stock. in a research report on Tuesday, April 25th. ValuEngine upgraded shares of Freeport-McMoran from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Deutsche Bank AG restated a “hold” rating and issued a $13.00 price objective (down from $14.00) on shares of Freeport-McMoran in a research report on Sunday, June 25th. Finally, BMO Capital Markets restated a “hold” rating and issued a $15.00 price objective on shares of Freeport-McMoran in a research report on Thursday, June 29th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average 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.
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