10,272 Shares in Freeport-McMoRan Inc (FCX) Acquired by Partnervest Advisory Services LLC
Partnervest Advisory Services LLC purchased a new position in Freeport-McMoRan Inc (NYSE:FCX) during the second quarter, Holdings Channel reports. The fund purchased 10,272 shares of the natural resource company’s stock, valued at approximately $123,000.
Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in 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 period. State Street Corp boosted its position in 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 period. FMR LLC boosted its position in 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 period. Bank of New York Mellon Corp boosted its position in 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 period. Finally, Geode Capital Management LLC boosted its position in 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 period. 69.45% of the stock is currently owned by institutional investors and hedge funds.
Freeport-McMoRan Inc (FCX) opened at 14.15 on Friday. The firm has a 50-day moving average of $13.16 and a 200-day moving average of $13.13. Freeport-McMoRan Inc has a 12-month low of $9.24 and a 12-month high of $17.06. The stock has a market capitalization of $20.48 billion, a price-to-earnings ratio of 19.96 and a beta of 2.59.
Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by $0.04. The firm had revenue of $3.71 billion for the quarter, compared to analyst estimates of $3.67 billion. Freeport-McMoRan had a return on equity of 15.87% and a net margin of 8.81%. Freeport-McMoRan’s revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.02) earnings per share. Equities research analysts forecast that Freeport-McMoRan Inc will post $0.87 earnings per share for the current fiscal year.
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A number of equities analysts have recently weighed in on FCX shares. FBR & Co reaffirmed a “market perform” rating and set a $13.00 price target (up from $12.00) on shares of Freeport-McMoRan in a research note on Thursday, July 27th. BMO Capital Markets reaffirmed a “hold” rating and set a $15.00 price target on shares of Freeport-McMoRan in a research note on Thursday, June 29th. Berenberg Bank set a $10.00 price target on shares of Freeport-McMoRan and gave the stock a “sell” rating in a research note on Friday, July 28th. BidaskClub raised shares of Freeport-McMoRan from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Clarkson Capital reaffirmed a “neutral” rating on shares of Freeport-McMoRan in a research note on Monday, July 10th. 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 stock. The company has an average rating of “Hold” and an average target price 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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