Investment Centers of America Inc. Increases Stake in Freeport-McMoran, Inc. (FCX)
Investment Centers of America Inc. grew its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 29.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 90,174 shares of the natural resource company’s stock after purchasing an additional 20,649 shares during the period. Investment Centers of America Inc.’s holdings in Freeport-McMoran were worth $1,083,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. BT Investment Management Ltd acquired a new stake in shares of Freeport-McMoran in the 2nd quarter worth about $94,821,000. BlueMountain Capital Management LLC raised its holdings in shares of Freeport-McMoran by 100.4% in the 2nd quarter. BlueMountain Capital Management LLC now owns 26,461 shares of the natural resource company’s stock worth $318,000 after acquiring an additional 6,651,458 shares during the last quarter. Amalgamated Bank raised its holdings in shares of Freeport-McMoran by 68.4% in the 2nd quarter. Amalgamated Bank now owns 140,164 shares of the natural resource company’s stock worth $1,683,000 after acquiring an additional 56,945 shares during the last quarter. Edmond DE Rothschild Holding S.A. raised its holdings in shares of Freeport-McMoran by 42.8% in the 2nd quarter. Edmond DE Rothschild Holding S.A. now owns 56,515 shares of the natural resource company’s stock worth $678,000 after acquiring an additional 16,950 shares during the last quarter. Finally, Norinchukin Bank The raised its holdings in shares of Freeport-McMoran by 6.9% in the 2nd quarter. Norinchukin Bank The now owns 92,371 shares of the natural resource company’s stock worth $1,109,000 after acquiring an additional 5,962 shares during the last quarter. Hedge funds and other institutional investors 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 dated Thursday, September 7th. The stock was purchased at an average cost of $15.23 per share, with a total value of $551,021.40. Following the completion of the acquisition, the chief operating officer now directly owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.40% of the stock is owned by insiders.
Freeport-McMoran, Inc. (NYSE FCX) traded up 0.14% on Friday, hitting $13.88. 21,270,549 shares of the stock were exchanged. The stock has a market cap of $20.09 billion, a price-to-earnings ratio of 19.58 and a beta of 2.57. Freeport-McMoran, Inc. has a 12 month low of $9.24 and a 12 month high of $17.06. The company has a 50-day moving average of $14.59 and a 200-day moving average of $12.97.
Freeport-McMoran (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share 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 company had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.67 billion. During the same period in the previous year, the firm earned ($0.02) earnings per share. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, equities analysts predict that Freeport-McMoran, Inc. will post $0.94 EPS for the current year.
A number of equities research analysts recently weighed in on the stock. Zacks Investment Research lowered shares of Freeport-McMoran from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. Jefferies Group LLC restated a “buy” rating and issued a $18.00 target price on shares of Freeport-McMoran in a report on Thursday, July 27th. Deutsche Bank AG restated a “hold” rating and issued a $13.00 target price (down previously from $14.00) on shares of Freeport-McMoran in a report on Sunday, June 25th. Macquarie assumed coverage on shares of Freeport-McMoran in a report on Thursday, September 7th. They issued a “neutral” rating and a $16.00 target price on the stock. Finally, BidaskClub upgraded shares of Freeport-McMoran from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 27th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Freeport-McMoran has an average rating of “Hold” and a consensus target price of $15.51.
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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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