Vanguard Group Inc. Has $1.68 Billion Stake in Freeport-McMoran, Inc. (FCX)
Vanguard Group Inc. grew its position in Freeport-McMoran, Inc. (NYSE:FCX) by 4.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 139,502,519 shares of the natural resource company’s stock after acquiring an additional 6,510,840 shares during the period. Vanguard Group Inc. owned about 9.64% of Freeport-McMoran worth $1,675,425,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of FCX. First Manhattan Co. boosted its holdings in shares of Freeport-McMoran by 0.3% in the second quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock valued at $120,000 after acquiring an additional 33 shares in the last quarter. Outfitter Advisors LTD. purchased a new stake in shares of Freeport-McMoran in the second quarter valued at about $121,000. Fisher Asset Management LLC purchased a new stake in shares of Freeport-McMoran in the second quarter valued at about $122,000. Partnervest Advisory Services LLC purchased a new stake in shares of Freeport-McMoran in the second quarter valued at about $123,000. Finally, Advantage Investment Management LLC boosted its holdings in shares of Freeport-McMoran by 5.6% in the first quarter. Advantage Investment Management LLC now owns 9,402 shares of the natural resource company’s stock valued at $126,000 after acquiring an additional 500 shares in the last quarter. 67.94% of the stock is currently owned by institutional investors and hedge funds.
In other news, COO Harry M. Iv Conger acquired 36,180 shares of Freeport-McMoran stock in a transaction on Thursday, September 7th. The stock was bought at an average cost of $15.23 per share, with a total value of $551,021.40. Following the completion of the purchase, 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 filing with the SEC, which is accessible through the SEC website. 1.40% of the stock is currently owned by corporate insiders.
A number of analysts recently commented on FCX shares. ValuEngine raised shares of Freeport-McMoran from a “hold” rating to a “buy” rating in a report on Thursday, August 31st. FBR & Co reissued a “neutral” rating and set a $12.00 price objective (down previously from $13.00) on shares of Freeport-McMoran in a report on Thursday, September 14th. Berenberg Bank set a $10.00 price objective on shares of Freeport-McMoran and gave the stock a “sell” rating in a report on Friday, July 28th. Zacks Investment Research downgraded shares of Freeport-McMoran from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. Finally, Raymond James Financial, Inc. started coverage on shares of Freeport-McMoran in a report on Tuesday, August 15th. They set a “market perform” rating and a $15.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $15.51.
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Freeport-McMoran, Inc. (NYSE:FCX) opened at 14.06 on Friday. The stock has a 50 day moving average of $14.57 and a 200-day moving average of $12.98. The firm has a market cap of $20.35 billion, a price-to-earnings ratio of 19.83 and a beta of 2.57. Freeport-McMoran, Inc. has a 52-week low of $9.24 and a 52-week high of $17.06.
Freeport-McMoran (NYSE:FCX) last posted 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 firm had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.67 billion. During the same period in the prior year, the company posted ($0.02) earnings per share. Freeport-McMoran’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, analysts expect that Freeport-McMoran, Inc. will post $0.95 EPS for the current year.
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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