PNC Financial Services Group Inc. raised its position in Freeport-McMoRan Inc (NYSE:FCX) by 61.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 229,828 shares of the natural resource company’s stock after purchasing an additional 87,681 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Freeport-McMoRan were worth $3,199,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. United Asset Strategies Inc. acquired a new position in Freeport-McMoRan in the 3rd quarter valued at about $142,000. Fox Run Management L.L.C. purchased a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at approximately $145,000. HRT Financial LLC purchased a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at approximately $179,000. Marshall Wace LLP purchased a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at approximately $189,000. Finally, Greenleaf Trust purchased a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at approximately $154,000. Institutional investors own 70.43% of the company’s stock.
In related news, Director Courtney Mather sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 30th. The shares were sold at an average price of $11.15, for a total transaction of $836,250.00. Following the sale, the director now directly owns 152,133 shares of the company’s stock, valued at approximately $1,696,282.95. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.05% of the stock is owned by corporate insiders.
FCX has been the topic of a number of research analyst reports. B. Riley reduced their price target on shares of Freeport-McMoRan from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Thursday, October 25th. TheStreet downgraded shares of Freeport-McMoRan from a “b-” rating to a “c+” rating in a research note on Monday, November 19th. BMO Capital Markets set a $13.00 price target on shares of Freeport-McMoRan and gave the company a “hold” rating in a research note on Thursday, October 25th. Deutsche Bank set a $15.00 price target on shares of Freeport-McMoRan and gave the company a “hold” rating in a research note on Tuesday, October 2nd. Finally, Raymond James set a $16.00 price target on shares of Freeport-McMoRan and gave the company a “hold” rating in a research note on Wednesday, October 24th. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $16.71.
Shares of FCX opened at $10.92 on Friday. Freeport-McMoRan Inc has a fifty-two week low of $10.59 and a fifty-two week high of $20.25. The company has a market cap of $16.16 billion, a P/E ratio of 5.87 and a beta of 2.45. The company has a current ratio of 2.84, a quick ratio of 1.78 and a debt-to-equity ratio of 0.83.
Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.02. Freeport-McMoRan had a net margin of 15.80% and a return on equity of 22.63%. The firm had revenue of $4.91 billion for the quarter, compared to the consensus estimate of $4.50 billion. During the same period in the prior year, the firm earned $0.34 EPS. The firm’s revenue for the quarter was up 13.9% on a year-over-year basis. On average, research analysts forecast that Freeport-McMoRan Inc will post 1.7 earnings per share for the current fiscal year.
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Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. 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 and El Abra mines in South America.
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