Highbridge Capital Management LLC lowered its stake in Freeport-McMoRan Inc (NYSE:FCX) by 75.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 105,000 shares of the natural resource company’s stock after selling 320,000 shares during the period. Highbridge Capital Management LLC’s holdings in Freeport-McMoRan were worth $1,462,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in FCX. United Asset Strategies Inc. bought a new position in Freeport-McMoRan in the third quarter valued at approximately $142,000. Fox Run Management L.L.C. bought a new position in Freeport-McMoRan in the third quarter valued at approximately $145,000. Greenleaf Trust bought a new position in Freeport-McMoRan in the third quarter valued at approximately $154,000. Gideon Capital Advisors Inc. bought a new position in Freeport-McMoRan in the third quarter valued at approximately $164,000. Finally, Iron Financial LLC bought a new position in Freeport-McMoRan in the third quarter valued at approximately $176,000. 70.43% of the stock is currently owned by hedge funds and other institutional investors.
FCX has been the topic of a number of recent research reports. B. Riley reduced their price objective 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 cut 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 objective 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 objective 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 objective on shares of Freeport-McMoRan and gave the company a “hold” rating in a research note on Wednesday, October 24th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the stock. Freeport-McMoRan currently has an average rating of “Hold” and a consensus target price of $16.71.
In other news, Director Courtney Mather sold 75,000 shares of Freeport-McMoRan stock in a transaction 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 transaction, the director now directly owns 152,133 shares of the company’s stock, valued at $1,696,282.95. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 1.05% of the company’s stock.
Shares of NYSE FCX opened at $10.92 on Friday. The firm has a market cap of $16.16 billion, a PE ratio of 5.87 and a beta of 2.45. Freeport-McMoRan Inc has a twelve month low of $10.59 and a twelve month high of $20.25. 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 quarterly earnings results on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. The company had revenue of $4.91 billion for the quarter, compared to analysts’ expectations of $4.50 billion. Freeport-McMoRan had a net margin of 15.80% and a return on equity of 22.63%. The business’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same period last year, the firm posted $0.34 earnings per share. As a group, equities analysts anticipate that Freeport-McMoRan Inc will post 1.7 earnings per share for the current fiscal year.
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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