New Mexico Educational Retirement Board Has $1.81 Million Position in Freeport-McMoran, Inc. (FCX)
New Mexico Educational Retirement Board lowered its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 8.2% during the second quarter, Holdings Channel reports. The institutional investor owned 123,730 shares of the natural resource company’s stock after selling 11,100 shares during the period. New Mexico Educational Retirement Board’s holdings in Freeport-McMoran were worth $1,809,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. First Manhattan Co. raised its stake in 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 purchased a new stake in Freeport-McMoran during the first quarter valued at approximately $122,000. Fisher Asset Management LLC purchased a new stake in Freeport-McMoran during the second quarter valued at approximately $122,000. Advantage Investment Management LLC raised its stake in 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. raised its stake in 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. Institutional investors own 69.45% of the company’s stock.
Freeport-McMoran, Inc. (NYSE:FCX) opened at 13.96 on Friday. The stock has a 50 day moving average of $13.24 and a 200 day moving average of $13.11. The stock has a market capitalization of $20.20 billion, a P/E ratio of 19.69 and a beta of 2.59. Freeport-McMoran, Inc. has a 1-year low of $9.24 and a 1-year high of $17.06.
Freeport-McMoran (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing the Zacks’ consensus estimate of $0.21 by $0.04. The business had revenue of $3.71 billion during the quarter, compared to analyst estimates 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 was up 11.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.02) earnings per share. On average, analysts expect that Freeport-McMoran, Inc. will post $0.87 earnings per share for the current year.
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Several analysts recently commented on the stock. Zacks Investment Research lowered shares of Freeport-McMoran from a “hold” rating to a “sell” rating in a research report on Wednesday, July 5th. Jefferies Group LLC reaffirmed a “buy” rating and set a $18.00 price objective on shares of Freeport-McMoran in a report on Thursday, July 27th. Deutsche Bank AG reaffirmed a “hold” rating and set a $13.00 price objective (down from $14.00) on shares of Freeport-McMoran in a report on Sunday, June 25th. BidaskClub raised shares of Freeport-McMoran from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 27th. Finally, Vetr downgraded 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 report on Tuesday, April 25th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $14.27.
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.
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