OppenheimerFunds Inc. cut its holdings in Freeport-McMoRan Inc (NYSE:FCX) by 3.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,958,657 shares of the natural resource company’s stock after selling 91,398 shares during the quarter. OppenheimerFunds Inc. owned about 0.20% of Freeport-McMoRan worth $38,137,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in FCX. Vanguard Group Inc boosted its holdings in Freeport-McMoRan by 3.6% in the 3rd quarter. Vanguard Group Inc now owns 154,818,850 shares of the natural resource company’s stock valued at $2,155,078,000 after purchasing an additional 5,375,340 shares during the period. Geode Capital Management LLC increased its stake in shares of Freeport-McMoRan by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 21,269,503 shares of the natural resource company’s stock worth $218,954,000 after buying an additional 959,745 shares during the period. Northern Trust Corp increased its stake in shares of Freeport-McMoRan by 5.6% in the fourth quarter. Northern Trust Corp now owns 20,550,366 shares of the natural resource company’s stock worth $211,875,000 after buying an additional 1,096,013 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Freeport-McMoRan by 10.0% in the first quarter. Dimensional Fund Advisors LP now owns 16,669,511 shares of the natural resource company’s stock worth $214,858,000 after buying an additional 1,520,005 shares during the period. Finally, Iridian Asset Management LLC CT increased its stake in shares of Freeport-McMoRan by 5.3% in the fourth quarter. Iridian Asset Management LLC CT now owns 8,064,809 shares of the natural resource company’s stock worth $83,148,000 after buying an additional 402,606 shares during the period. 72.55% of the stock is currently owned by hedge funds and other institutional investors.
In other news, COO Harry M. Iv Conger sold 155,000 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $10.51, for a total transaction of $1,629,050.00. Following the completion of the sale, the chief operating officer now owns 416,382 shares of the company’s stock, valued at approximately $4,376,174.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Richard C. Adkerson purchased 172,000 shares of Freeport-McMoRan stock in a transaction dated Thursday, June 6th. The shares were acquired at an average cost of $10.14 per share, with a total value of $1,744,080.00. The disclosure for this purchase can be found here. 0.98% of the stock is currently owned by insiders.
Several research analysts recently commented on FCX shares. Citigroup raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $14.00 to $16.00 in a research note on Tuesday, February 19th. Morgan Stanley cut shares of Freeport-McMoRan from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 13th. UBS Group set a $14.00 target price on shares of Freeport-McMoRan and gave the company a “hold” rating in a report on Friday, April 5th. Zacks Investment Research upgraded shares of Freeport-McMoRan from a “strong sell” rating to a “hold” rating in a report on Thursday, February 14th. Finally, Barclays boosted their target price on shares of Freeport-McMoRan from $11.00 to $12.00 and gave the company an “underweight” rating in a report on Tuesday, April 9th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company’s stock. Freeport-McMoRan has an average rating of “Hold” and an average target price of $15.01.
NYSE:FCX traded up $0.05 during mid-day trading on Wednesday, reaching $10.67. The company’s stock had a trading volume of 224,584 shares, compared to its average volume of 21,737,590. Freeport-McMoRan Inc has a 12-month low of $9.47 and a 12-month high of $18.18. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.41 and a current ratio of 2.79. The firm has a market cap of $15.01 billion, a price-to-earnings ratio of 7.03 and a beta of 2.27.
Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, April 25th. The natural resource company reported $0.05 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.03). Freeport-McMoRan had a return on equity of 10.31% and a net margin of 9.09%. The business had revenue of $3.79 billion during the quarter, compared to analysts’ expectations of $3.77 billion. During the same period last year, the firm posted $0.46 EPS. Freeport-McMoRan’s quarterly revenue was down 22.1% compared to the same quarter last year. As a group, research analysts predict that Freeport-McMoRan Inc will post 0.46 earnings per share for the current year.
Freeport-McMoRan Company Profile
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
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