BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its holdings in shares of Freeport-McMoRan Inc (NYSE:FCX) by 14.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 604,973 shares of the natural resource company’s stock after selling 105,135 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Freeport-McMoRan were worth $8,421,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. grew its holdings in Freeport-McMoRan by 8.9% during the third quarter. BlackRock Inc. now owns 102,252,475 shares of the natural resource company’s stock worth $1,423,352,000 after acquiring an additional 8,364,557 shares during the period. Fisher Asset Management LLC grew its holdings in Freeport-McMoRan by 122.8% during the third quarter. Fisher Asset Management LLC now owns 32,256,568 shares of the natural resource company’s stock worth $449,011,000 after acquiring an additional 17,780,072 shares during the period. Bank of New York Mellon Corp grew its holdings in Freeport-McMoRan by 28.5% during the second quarter. Bank of New York Mellon Corp now owns 27,267,197 shares of the natural resource company’s stock worth $470,631,000 after acquiring an additional 6,041,164 shares during the period. Dimensional Fund Advisors LP grew its holdings in Freeport-McMoRan by 1.5% during the third quarter. Dimensional Fund Advisors LP now owns 14,003,759 shares of the natural resource company’s stock worth $194,922,000 after acquiring an additional 211,789 shares during the period. Finally, Prudential Financial Inc. grew its holdings in Freeport-McMoRan by 2.2% during the third quarter. Prudential Financial Inc. now owns 11,811,767 shares of the natural resource company’s stock worth $164,421,000 after acquiring an additional 250,188 shares during the period. 70.43% of the stock is currently owned by institutional investors.
A number of research analysts recently issued reports on the company. TheStreet lowered Freeport-McMoRan from a “b-” rating to a “c+” rating in a report on Monday, November 19th. ValuEngine lowered Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 24th. B. Riley lowered their target price on Freeport-McMoRan from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Thursday, October 25th. BMO Capital Markets set a $13.00 target price on Freeport-McMoRan and gave the stock a “hold” rating in a report on Thursday, October 25th. Finally, Deutsche Bank set a $15.00 target price on Freeport-McMoRan and gave the stock a “hold” rating in a report on Tuesday, October 2nd. 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. The stock currently has an average rating of “Hold” and an average price target of $16.71.
In related news, Director Courtney Mather sold 75,000 shares of Freeport-McMoRan stock in a transaction dated Tuesday, October 30th. The stock was sold at an average price of $11.15, for a total value of $836,250.00. Following the transaction, the director now owns 152,133 shares of the company’s stock, valued at approximately $1,696,282.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.05% of the company’s stock.
Shares of FCX opened at $10.92 on Friday. The stock has a market capitalization of $16.66 billion, a P/E ratio of 9.33 and a beta of 2.45. Freeport-McMoRan Inc has a 1-year low of $10.59 and a 1-year high of $20.25. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.78 and a current ratio of 2.84.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.02. The firm had revenue of $4.91 billion for the quarter, compared to analysts’ expectations of $4.50 billion. Freeport-McMoRan had a return on equity of 22.63% and a net margin of 15.80%. Freeport-McMoRan’s revenue was up 13.9% on a year-over-year basis. During the same quarter last year, the business posted $0.34 EPS. As a group, equities analysts forecast that Freeport-McMoRan Inc will post 1.7 EPS for the current 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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