Sigma Investment Counselors Inc. decreased its position in Freeport-McMoran, Inc. (NYSE:FCX) by 24.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,154 shares of the natural resource company’s stock after selling 3,606 shares during the period. Sigma Investment Counselors Inc.’s holdings in Freeport-McMoran were worth $149,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of FCX. Manning & Napier Advisors LLC purchased a new position in Freeport-McMoran during the first quarter valued at $84,644,000. FMR LLC increased its position in Freeport-McMoran by 33.2% in the fourth quarter. FMR LLC now owns 20,746,410 shares of the natural resource company’s stock valued at $273,644,000 after buying an additional 5,171,930 shares during the last quarter. Bank of New York Mellon Corp increased its position in Freeport-McMoran by 46.2% in the first quarter. Bank of New York Mellon Corp now owns 14,757,919 shares of the natural resource company’s stock valued at $197,166,000 after buying an additional 4,662,665 shares during the last quarter. TCW Group Inc. increased its position in Freeport-McMoran by 4,871.8% in the fourth quarter. TCW Group Inc. now owns 4,489,511 shares of the natural resource company’s stock valued at $59,217,000 after buying an additional 4,399,211 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D increased its position in Freeport-McMoran by 521.4% in the first quarter. State of New Jersey Common Pension Fund D now owns 4,350,000 shares of the natural resource company’s stock valued at $58,116,000 after buying an additional 3,650,000 shares during the last quarter. 69.85% of the stock is owned by institutional investors and hedge funds.
Freeport-McMoran, Inc. (FCX) opened at 11.42 on Friday. The firm has a 50-day moving average price of $11.82 and a 200 day moving average price of $13.59. The stock has a market capitalization of $16.52 billion, a price-to-earnings ratio of 61.07 and a beta of 2.55. Freeport-McMoran, Inc. has a 52-week low of $9.24 and a 52-week high of $17.06. Freeport-McMoran also was the target of unusually large options trading activity on Friday. Stock investors bought 17,353 put options on the company. This represents an increase of 138% compared to the average volume of 7,279 put options.
Freeport-McMoran (NYSE:FCX) last issued its quarterly earnings data on Tuesday, April 25th. The natural resource company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by $0.01. Freeport-McMoran had a return on equity of 7.97% and a net margin of 1.11%. The company had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.51 billion. During the same quarter in the previous year, the business earned ($0.16) earnings per share. The company’s revenue was down 5.3% on a year-over-year basis. On average, equities research analysts predict that Freeport-McMoran, Inc. will post $1.03 EPS for the current year.
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Several equities analysts recently weighed in on FCX shares. Vetr raised Freeport-McMoran from a “buy” rating to a “strong-buy” rating and set a $14.75 price objective for the company in a research note on Wednesday, April 12th. FBR & Co reiterated a “hold” rating and set a $13.00 target price on shares of Freeport-McMoran in a report on Wednesday, April 5th. Jefferies Group LLC increased their target price on Freeport-McMoran to $16.00 and gave the company a “buy” rating in a report on Tuesday, March 28th. Citigroup Inc. initiated coverage on Freeport-McMoran in a report on Tuesday, February 21st. They set a “neutral” rating and a $16.00 target price on the stock. Finally, Deutsche Bank AG upgraded Freeport-McMoran from a “sell” rating to a “hold” rating and increased their target price for the company from $12.50 to $14.00 in a report on Tuesday, March 21st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $13.66.
Freeport-McMoran Company Profile
Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.
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