Capital Growth Management LP Has $50.56 Million Position in Freeport-McMoran, Inc. (FCX)
Capital Growth Management LP reduced its holdings in Freeport-McMoran, Inc. (NYSE:FCX) by 21.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,210,000 shares of the natural resource company’s stock after selling 1,160,000 shares during the quarter. Freeport-McMoran makes up 2.3% of Capital Growth Management LP’s portfolio, making the stock its 13th biggest holding. Capital Growth Management LP owned approximately 0.29% of Freeport-McMoran worth $50,562,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in the stock. Menta Capital LLC acquired a new position in Freeport-McMoran in the second quarter valued at $192,000. Abbot Financial Management Inc. acquired a new position in Freeport-McMoran in the second quarter valued at $142,000. UBS Asset Management Americas Inc. increased its stake in Freeport-McMoran by 9.6% in the second quarter. UBS Asset Management Americas Inc. now owns 3,978,035 shares of the natural resource company’s stock valued at $47,776,000 after purchasing an additional 349,818 shares during the last quarter. Artal Group S.A. acquired a new position in Freeport-McMoran in the second quarter valued at $3,003,000. Finally, Rafferty Asset Management LLC increased its stake in Freeport-McMoran by 39.5% in the second quarter. Rafferty Asset Management LLC now owns 41,495 shares of the natural resource company’s stock valued at $498,000 after purchasing an additional 11,739 shares during the last quarter. Hedge funds and other institutional investors own 67.94% of the company’s stock.
In other Freeport-McMoran news, COO Harry M. Iv Conger bought 36,180 shares of the stock in a transaction on Thursday, September 7th. The shares were purchased at an average cost of $15.23 per share, with a total value of $551,021.40. Following the completion of the transaction, the chief operating officer now directly owns 73,943 shares of the company’s stock, valued at approximately $1,126,151.89. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.40% of the company’s stock.
Several research firms recently commented on FCX. Raymond James Financial, Inc. began coverage on Freeport-McMoran in a research note on Tuesday, August 15th. They issued a “market perform” rating and a $15.00 target price for the company. CIBC began coverage on Freeport-McMoran in a research note on Friday. They issued a “sector outperform” rating and a $18.00 target price for the company. FBR & Co reiterated a “market perform” rating and issued a $13.00 target price (up from $12.00) on shares of Freeport-McMoran in a research note on Thursday, July 27th. Jefferies Group LLC reiterated a “buy” rating and issued a $18.00 target price on shares of Freeport-McMoran in a research note on Thursday, July 27th. Finally, Zacks Investment Research upgraded Freeport-McMoran from a “sell” rating to a “hold” rating in a research note on Friday, July 28th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $15.51.
Shares of Freeport-McMoran, Inc. (NYSE:FCX) traded up 0.672% during midday trading on Tuesday, hitting $14.225. The stock had a trading volume of 7,407,525 shares. The firm has a market cap of $20.59 billion, a price-to-earnings ratio of 20.063 and a beta of 2.57. The firm has a 50-day moving average price of $14.58 and a 200-day moving average price of $12.97. Freeport-McMoran, Inc. has a 1-year low of $9.24 and a 1-year high of $17.06. Freeport-McMoran also was the recipient of unusually large options trading activity on Monday. Traders bought 59,805 call options on the stock. This is an increase of 168% compared to the typical daily volume of 22,335 call options.
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 Thomson Reuters’ consensus estimate of $0.21 by ($0.04). The business 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 10.45% and a net margin of 5.97%. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.02) earnings per share. On average, equities analysts anticipate that Freeport-McMoran, Inc. will post $0.95 EPS for the current fiscal 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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