Patten Group Inc. reduced its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 3.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,450 shares of the natural resource company’s stock after selling 300 shares during the period. Patten Group Inc.’s holdings in Freeport-McMoran were worth $113,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Highbridge Capital Management LLC increased its position in Freeport-McMoran by 16,285.1% in the fourth quarter. Highbridge Capital Management LLC now owns 163,851 shares of the natural resource company’s stock worth $2,162,000 after buying an additional 162,851 shares in the last quarter. Searle & CO. bought a new position in Freeport-McMoran during the fourth quarter worth $288,000. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Freeport-McMoran during the fourth quarter worth $535,000. Kentucky Retirement Systems bought a new position in Freeport-McMoran during the fourth quarter worth $1,199,000. Finally, Teachers Advisors LLC raised its stake in Freeport-McMoran by 35.0% in the fourth quarter. Teachers Advisors LLC now owns 5,960,568 shares of the natural resource company’s stock valued at $78,620,000 after buying an additional 1,545,003 shares during the last quarter. 69.48% of the stock is currently owned by institutional investors and hedge funds.
Freeport-McMoran, Inc. (NYSE:FCX) traded up 0.69% during mid-day trading on Friday, hitting $14.60. 17,858,305 shares of the company traded hands. Freeport-McMoran, Inc. has a one year low of $9.24 and a one year high of $17.06. The company’s 50-day moving average price is $12.48 and its 200 day moving average price is $13.17. The company has a market capitalization of $21.13 billion, a price-to-earnings ratio of 20.59 and a beta of 2.55.
Freeport-McMoran (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.21 by $0.04. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The firm had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.67 billion. During the same period in the prior year, the company earned ($0.02) EPS. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. On average, analysts anticipate that Freeport-McMoran, Inc. will post $0.91 earnings per share for the current fiscal year.
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FCX has been the subject of a number of recent analyst reports. Vetr upgraded shares of Freeport-McMoran from a “buy” rating to a “strong-buy” rating and set a $14.75 price objective on the stock in a research note on Wednesday, April 12th. FBR & Co restated a “hold” rating and issued a $13.00 price target on shares of Freeport-McMoran in a research report on Wednesday, April 5th. Deutsche Bank AG restated a “hold” rating and issued a $13.00 price target (down from $14.00) on shares of Freeport-McMoran in a research report on Sunday, June 25th. Zacks Investment Research downgraded shares of Freeport-McMoran from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Finally, ValuEngine upgraded shares of Freeport-McMoran from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $14.27.
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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