Freeport-McMoRan Inc (FCX) Stake Lowered by Kaizen Advisory LLC
Kaizen Advisory LLC lessened its stake in Freeport-McMoRan Inc (NYSE:FCX) by 14.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 66,152 shares of the natural resource company’s stock after selling 11,560 shares during the quarter. Kaizen Advisory LLC’s holdings in Freeport-McMoRan were worth $683,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rational Advisors LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $26,000. Lindbrook Capital LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $28,000. JOYN Advisors Inc. boosted its holdings in shares of Freeport-McMoRan by 141.1% in the 4th quarter. JOYN Advisors Inc. now owns 2,806 shares of the natural resource company’s stock valued at $29,000 after buying an additional 1,642 shares during the last quarter. Athena Capital Advisors LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $30,000. Finally, Essex Savings Bank acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $44,000. 70.77% of the stock is owned by institutional investors.
In other news, VP C Donald Whitmire, Jr. sold 7,425 shares of Freeport-McMoRan stock in a transaction on Tuesday, February 12th. The stock was sold at an average price of $11.58, for a total transaction of $85,981.50. Following the completion of the sale, the vice president now owns 67,974 shares of the company’s stock, valued at $787,138.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.05% of the stock is currently owned by company insiders.
Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, January 24th. The natural resource company reported $0.11 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.07). Freeport-McMoRan had a return on equity of 15.77% and a net margin of 12.12%. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.86 billion. During the same period in the prior year, the business posted $0.51 EPS. The firm’s quarterly revenue was down 26.9% compared to the same quarter last year. As a group, equities analysts anticipate that Freeport-McMoRan Inc will post 0.47 earnings per share for the current fiscal year.
Several research firms have recently commented on FCX. ValuEngine raised Freeport-McMoRan from a “strong sell” rating to a “sell” rating in a report on Thursday, January 10th. Raymond James cut their price objective on Freeport-McMoRan from $14.50 to $14.00 and set a “market perform” rating for the company in a report on Friday, January 25th. Credit Suisse Group started coverage on Freeport-McMoRan in a report on Wednesday, January 9th. They issued a “neutral” rating and a $12.00 price objective for the company. Zacks Investment Research downgraded Freeport-McMoRan from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 8th. Finally, Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and cut their price target for the company from $16.00 to $14.00 in a report on Tuesday, February 12th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $15.70.
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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
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