CS Mckee LP Reduces Position in Freeport-McMoran, Inc. (FCX)
CS Mckee LP lessened its position in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 2.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 476,925 shares of the natural resource company’s stock after selling 10,175 shares during the quarter. CS Mckee LP’s holdings in Freeport-McMoran were worth $5,728,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. IHT Wealth Management LLC grew its stake in Freeport-McMoran by 27.1% during the 2nd quarter. IHT Wealth Management LLC now owns 1,758 shares of the natural resource company’s stock worth $843,000 after buying an additional 375 shares during the last quarter. Sun Life Financial INC grew its stake in Freeport-McMoran by 96,340.0% during the 2nd quarter. Sun Life Financial INC now owns 9,644 shares of the natural resource company’s stock worth $116,000 after buying an additional 9,634 shares during the last quarter. First Manhattan Co. grew its stake in Freeport-McMoran by 0.3% during the 2nd quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock worth $120,000 after buying an additional 33 shares during the last quarter. Outfitter Advisors LTD. purchased a new position in Freeport-McMoran during the 2nd quarter worth approximately $121,000. Finally, Fisher Asset Management LLC purchased a new position in Freeport-McMoran during the 2nd quarter worth approximately $122,000. Hedge funds and other institutional investors own 67.95% of the company’s stock.
A number of research firms recently issued reports on FCX. Raymond James Financial, Inc. began coverage on Freeport-McMoran in a research note on Tuesday, August 15th. They set a “market perform” rating and a $15.00 price target on the stock. Jefferies Group LLC restated a “buy” rating and set a $19.00 price target (down previously from $23.00) on shares of Freeport-McMoran in a research note on Wednesday, October 4th. FBR & Co restated a “market perform” rating and set a $13.00 price target (up previously from $12.00) on shares of Freeport-McMoran in a research note on Thursday, July 27th. Zacks Investment Research upgraded Freeport-McMoran from a “sell” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Berenberg Bank set a $10.00 price target on Freeport-McMoran and gave the stock a “sell” rating in a research note on Friday, July 28th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $15.49.
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Freeport-McMoran, Inc. (NYSE FCX) traded up 0.244% during mid-day trading on Monday, hitting $14.365. The stock had a trading volume of 5,330,328 shares. The stock has a market cap of $20.79 billion, a price-to-earnings ratio of 20.261 and a beta of 2.54. The company has a 50-day moving average of $14.53 and a 200-day moving average of $13.12. Freeport-McMoran, Inc. has a 12-month low of $9.24 and a 12-month high of $17.06.
Freeport-McMoran (NYSE:FCX) last issued 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 return on equity of 10.45% and a net margin of 5.97%. The business had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same period last year, the company earned ($0.02) earnings per share. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, analysts anticipate that Freeport-McMoran, Inc. will post $0.97 earnings per share for the current fiscal year.
In other Freeport-McMoran 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 stock was acquired at an average cost of $15.23 per share, with a total value of $551,021.40. Following the acquisition, the chief operating officer now directly owns 73,943 shares of the company’s stock, valued at approximately $1,126,151.89. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.29% of the company’s stock.
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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