Dynamic Technology Lab Private Ltd Invests $837,000 in Freeport-McMoran, Inc. (FCX)
Dynamic Technology Lab Private Ltd acquired a new position in shares of Freeport-McMoran, Inc. (NYSE:FCX) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 59,612 shares of the natural resource company’s stock, valued at approximately $837,000.
Several other hedge funds have also bought and sold shares of the company. Contrarius Investment Management Ltd boosted its holdings in shares of Freeport-McMoran by 74.3% during the third quarter. Contrarius Investment Management Ltd now owns 6,176,460 shares of the natural resource company’s stock worth $86,717,000 after purchasing an additional 2,633,409 shares during the last quarter. Cipher Capital LP acquired a new stake in shares of Freeport-McMoran during the third quarter worth $671,000. Macquarie Group Ltd. boosted its holdings in shares of Freeport-McMoran by 14.7% during the third quarter. Macquarie Group Ltd. now owns 39,116 shares of the natural resource company’s stock worth $549,000 after purchasing an additional 5,000 shares during the last quarter. Banque Pictet & Cie SA boosted its holdings in shares of Freeport-McMoran by 254.4% during the third quarter. Banque Pictet & Cie SA now owns 94,730 shares of the natural resource company’s stock worth $1,330,000 after purchasing an additional 68,000 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Freeport-McMoran by 10.8% during the third quarter. Ameriprise Financial Inc. now owns 2,761,342 shares of the natural resource company’s stock worth $38,769,000 after purchasing an additional 270,171 shares during the last quarter. Institutional investors and hedge funds own 69.68% of the company’s stock.
Several equities research analysts have recently issued reports on the company. Jefferies Group LLC restated a “buy” rating and set a $18.00 price objective on shares of Freeport-McMoran in a report on Thursday, July 27th. Zacks Investment Research upgraded Freeport-McMoran from a “sell” rating to a “hold” rating in a report on Friday, July 28th. Macquarie initiated coverage on Freeport-McMoran in a report on Thursday, September 7th. They issued a “neutral” rating and a $16.00 target price on the stock. FBR & Co reiterated a “neutral” rating and issued a $12.00 target price (down previously from $13.00) on shares of Freeport-McMoran in a report on Thursday, September 14th. Finally, UBS Group AG lifted their target price on Freeport-McMoran from $13.50 to $14.00 and gave the company a “neutral” rating in a report on Monday, October 30th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Freeport-McMoran currently has an average rating of “Hold” and a consensus price target of $15.54.
In related news, COO Harry M. Iv Conger acquired 36,180 shares of Freeport-McMoran stock in a transaction on Thursday, September 7th. The shares were bought at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the completion of the purchase, the chief operating officer now directly owns 73,943 shares in the company, valued at approximately $1,126,151.89. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.29% of the company’s stock.
Freeport-McMoran, Inc. (NYSE:FCX) opened at $14.24 on Thursday. The company has a market capitalization of $20,483.40, a PE ratio of 15.55 and a beta of 2.57. Freeport-McMoran, Inc. has a one year low of $11.05 and a one year high of $17.06. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.32 and a current ratio of 2.02.
Freeport-McMoran (NYSE:FCX) last issued its quarterly earnings data on Wednesday, October 25th. The natural resource company reported $0.34 EPS for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.03. The company had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.06 billion. Freeport-McMoran had a return on equity of 13.35% and a net margin of 6.20%. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.13 earnings per share. sell-side analysts expect that Freeport-McMoran, Inc. will post 1.07 EPS for the current 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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