Alliancebernstein L.P. Increases Stake in Freeport-McMoran, Inc. (FCX)
Alliancebernstein L.P. increased its position in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 3.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,463,468 shares of the natural resource company’s stock after buying an additional 80,466 shares during the period. Alliancebernstein L.P. owned about 0.17% of Freeport-McMoran worth $29,586,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in FCX. Strs Ohio increased its stake in shares of Freeport-McMoran by 6.9% during the first quarter. Strs Ohio now owns 53,006 shares of the natural resource company’s stock valued at $708,000 after buying an additional 3,420 shares during the period. Wedbush Securities Inc. increased its stake in shares of Freeport-McMoran by 55.7% during the first quarter. Wedbush Securities Inc. now owns 69,453 shares of the natural resource company’s stock valued at $928,000 after buying an additional 24,854 shares during the period. Engineers Gate Manager LP increased its stake in shares of Freeport-McMoran by 84.0% during the first quarter. Engineers Gate Manager LP now owns 132,938 shares of the natural resource company’s stock valued at $1,776,000 after buying an additional 60,677 shares during the period. Symphony Asset Management LLC increased its stake in shares of Freeport-McMoran by 5.0% during the first quarter. Symphony Asset Management LLC now owns 44,904 shares of the natural resource company’s stock valued at $599,000 after buying an additional 2,141 shares during the period. Finally, First Personal Financial Services increased its stake in shares of Freeport-McMoran by 334.4% during the first quarter. First Personal Financial Services now owns 47,328 shares of the natural resource company’s stock valued at $632,000 after buying an additional 36,433 shares during the period. Hedge funds and other institutional investors own 67.94% of the company’s stock.
Shares of Freeport-McMoran, Inc. (FCX) opened at 14.48 on Wednesday. Freeport-McMoran, Inc. has a 12-month low of $9.24 and a 12-month high of $17.06. The company’s 50 day moving average price is $14.57 and its 200-day moving average price is $12.98. The firm has a market cap of $20.96 billion, a P/E ratio of 20.42 and a beta of 2.57. Freeport-McMoran also was the target of some unusual options trading on Monday. Stock traders bought 59,805 call options on the company. This represents an increase of approximately 168% compared to the average volume of 22,335 call options.
Freeport-McMoran (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 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 business had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.67 billion. During the same quarter in the previous year, the company posted ($0.02) EPS. The company’s revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts anticipate that Freeport-McMoran, Inc. will post $0.95 EPS for the current year.
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In other Freeport-McMoran news, COO Harry M. Iv Conger acquired 36,180 shares of the company’s stock in a transaction dated Thursday, September 7th. The shares were acquired at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the acquisition, the chief operating officer now owns 73,943 shares in the company, valued at approximately $1,126,151.89. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.40% of the company’s stock.
Several brokerages have recently commented on FCX. Clarkson Capital restated a “neutral” rating on shares of Freeport-McMoran in a research note on Monday, July 10th. ValuEngine lowered Freeport-McMoran from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. BidaskClub upgraded Freeport-McMoran from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. BMO Capital Markets set a $17.00 target price on Freeport-McMoran and gave the company a “hold” rating in a research note on Wednesday, July 26th. Finally, Berenberg Bank lowered Freeport-McMoran from a “hold” rating to a “sell” rating and set a $10.00 target price on the stock. in a research note on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Freeport-McMoran currently has an average rating of “Hold” and a consensus price target of $15.51.
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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