Cantor Fitzgerald L. P. Acquires New Stake in Freeport-McMoRan Inc. $FCX

Cantor Fitzgerald L. P. bought a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the third quarter, HoldingsChannel.com reports. The institutional investor bought 48,013 shares of the natural resource company’s stock, valued at approximately $1,883,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Steigerwald Gordon & Koch Inc. bought a new position in shares of Freeport-McMoRan in the 3rd quarter worth approximately $25,000. Twin Peaks Wealth Advisors LLC bought a new stake in Freeport-McMoRan during the second quarter valued at approximately $28,000. Salomon & Ludwin LLC grew its position in Freeport-McMoRan by 1,962.9% during the third quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock valued at $29,000 after buying an additional 687 shares during the period. JPL Wealth Management LLC purchased a new stake in Freeport-McMoRan during the third quarter valued at approximately $33,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new stake in Freeport-McMoRan during the third quarter valued at approximately $36,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FCX has been the topic of several analyst reports. Wells Fargo & Company lifted their price target on shares of Freeport-McMoRan from $55.00 to $64.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 13th. Stifel Nicolaus upped their price objective on Freeport-McMoRan from $52.00 to $76.00 and gave the stock a “buy” rating in a research note on Wednesday, February 11th. Wall Street Zen downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. Citigroup boosted their price target on Freeport-McMoRan from $48.00 to $67.00 and gave the company a “buy” rating in a report on Monday, January 12th. Finally, Jefferies Financial Group raised their price objective on Freeport-McMoRan from $68.00 to $76.00 and gave the stock a “buy” rating in a research note on Tuesday, February 17th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $62.59.

Freeport-McMoRan Trading Down 4.6%

Shares of FCX opened at $55.40 on Thursday. The firm has a market cap of $79.62 billion, a P/E ratio of 36.69, a price-to-earnings-growth ratio of 0.68 and a beta of 1.41. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.29 and a quick ratio of 1.05. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $69.75. The company has a 50 day simple moving average of $61.77 and a two-hundred day simple moving average of $50.21.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.28 by $0.19. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The firm had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $5.42 billion. The company’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.31 earnings per share. On average, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Freeport-McMoRan news, EVP Douglas N. Currault II sold 75,000 shares of the business’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $64.52, for a total value of $4,839,000.00. Following the sale, the executive vice president owned 219,181 shares in the company, valued at $14,141,558.12. The trade was a 25.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard C. Adkerson sold 152,960 shares of the stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $64.65, for a total transaction of $9,888,864.00. Following the transaction, the chairman directly owned 3,356,159 shares of the company’s stock, valued at $216,975,679.35. This trade represents a 4.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 565,145 shares of company stock worth $35,839,918 in the last 90 days. 0.75% of the stock is owned by company insiders.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.