Freeport-McMoran, Inc. (FCX) Shares Bought by Aberdeen Asset Management PLC UK
Aberdeen Asset Management PLC UK boosted its holdings in Freeport-McMoran, Inc. (NYSE:FCX) by 30.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 502,062 shares of the natural resource company’s stock after acquiring an additional 115,737 shares during the period. Aberdeen Asset Management PLC UK’s holdings in Freeport-McMoran were worth $6,030,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also bought and sold shares of FCX. FMR LLC raised its stake in Freeport-McMoran by 104.4% in 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 period. Vanguard Group Inc. raised its stake in Freeport-McMoran by 10.7% in 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 period. Westpac Banking Corp raised its stake in Freeport-McMoran by 1,493.6% in the 1st quarter. Westpac Banking Corp now owns 7,038,887 shares of the natural resource company’s stock valued at $102,454,000 after acquiring an additional 6,597,176 shares during the period. Bank of New York Mellon Corp raised its stake in Freeport-McMoran by 39.4% in 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 period. Finally, Capital Growth Management LP bought a new stake in Freeport-McMoran in the 1st quarter valued at $71,743,000. Institutional investors and hedge funds own 67.95% of the company’s stock.
In related news, COO Harry M. Iv Conger acquired 36,180 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The shares were bought at an average cost of $15.23 per share, for a total transaction of $551,021.40. Following the purchase, the chief operating officer now owns 73,943 shares in the company, valued at approximately $1,126,151.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.40% of the company’s stock.
A number of equities research analysts recently weighed in on the company. Jefferies Group LLC set a $18.00 price target on Freeport-McMoran and gave the company a “buy” rating in a research note on Monday, August 28th. Vertical Research restated a “buy” rating and issued a $20.00 price target on shares of Freeport-McMoran in a research note on Tuesday, August 29th. BidaskClub upgraded Freeport-McMoran from a “sell” rating to a “hold” rating in a research note on Thursday, August 24th. Stifel Nicolaus set a $15.00 price target on Freeport-McMoran and gave the company a “hold” rating in a research note on Tuesday, August 29th. Finally, Berenberg Bank restated a “sell” rating and issued a $10.40 price target on shares of Freeport-McMoran in a research note on Tuesday, September 5th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Freeport-McMoran presently has an average rating of “Hold” and an average target price of $15.38.
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Shares of Freeport-McMoran, Inc. (FCX) opened at 13.86 on Friday. The stock’s 50 day moving average price is $14.61 and its 200 day moving average price is $12.97. Freeport-McMoran, Inc. has a 12-month low of $9.24 and a 12-month high of $17.06. The firm has a market capitalization of $20.07 billion, a price-to-earnings ratio of 19.56 and a beta of 2.57.
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 analysts’ consensus estimates of $0.21 by ($0.04). Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The company had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.67 billion. During the same quarter in the previous year, the firm posted ($0.02) earnings per share. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. Equities research analysts expect that Freeport-McMoran, Inc. will post $0.93 earnings per share for the current year.
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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