NorthCoast Asset Management LLC Has $1.20 Million Stake in Freeport-McMoran, Inc. (FCX)
NorthCoast Asset Management LLC increased its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 1.1% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 99,982 shares of the natural resource company’s stock after acquiring an additional 1,124 shares during the period. NorthCoast Asset Management LLC’s holdings in Freeport-McMoran were worth $1,201,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Freeport-McMoran by 10.7% during the 1st quarter. Vanguard Group Inc. now owns 132,991,679 shares of the natural resource company’s stock valued at $1,776,769,000 after acquiring an additional 12,897,514 shares during the last quarter. State Street Corp increased its holdings in shares of Freeport-McMoran by 4.6% during the 1st quarter. State Street Corp now owns 64,979,781 shares of the natural resource company’s stock valued at $868,135,000 after acquiring an additional 2,835,834 shares during the last quarter. FMR LLC increased its holdings in shares of Freeport-McMoran by 104.4% during the 1st quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock valued at $566,451,000 after acquiring an additional 21,652,647 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Freeport-McMoran by 39.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock valued at $247,029,000 after acquiring an additional 5,810,712 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Freeport-McMoran by 14.7% during the 1st quarter. Geode Capital Management LLC now owns 12,966,422 shares of the natural resource company’s stock valued at $172,986,000 after acquiring an additional 1,664,093 shares during the last quarter. 67.95% of the stock is currently owned by institutional investors and hedge funds.
FCX has been the topic of a number of analyst reports. FBR & Co reissued a “market perform” rating and set a $13.00 price objective (up previously from $12.00) on shares of Freeport-McMoran in a report on Thursday, July 27th. BMO Capital Markets reissued a “hold” rating and set a $15.00 price objective on shares of Freeport-McMoran in a report on Thursday, June 29th. Berenberg Bank set a $10.00 price objective on Freeport-McMoran and gave the company a “sell” rating in a report on Friday, July 28th. BidaskClub raised Freeport-McMoran from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Finally, Clarkson Capital reissued a “neutral” rating on shares of Freeport-McMoran in a report on Monday, July 10th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Freeport-McMoran presently has a consensus rating of “Hold” and an average target price of $14.99.
Shares of Freeport-McMoran, Inc. (NYSE:FCX) traded up 1.8912% during mid-day trading on Monday, hitting $14.5093. The company’s stock had a trading volume of 3,924,069 shares. The company has a market cap of $21.00 billion, a price-to-earnings ratio of 20.4645 and a beta of 2.57. The company has a 50-day moving average of $14.64 and a 200 day moving average of $12.94. Freeport-McMoran, Inc. has a 1-year low of $9.24 and a 1-year high of $17.06.
Freeport-McMoran (NYSE:FCX) last posted its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 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 firm had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same period in the previous year, the company posted ($0.02) EPS. Freeport-McMoran’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, analysts expect that Freeport-McMoran, Inc. will post $0.93 EPS for the current year.
In other news, COO Harry M. Iv Conger bought 36,180 shares of the firm’s stock in a transaction dated Thursday, September 7th. The shares were bought at an average price of $15.23 per share, with a total value of $551,021.40. Following the completion of the transaction, the chief operating officer now owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.40% of the stock is currently owned by corporate insiders.
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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