Freeport-McMoran, Inc. (FCX) Shares Sold by Poplar Forest Capital LLC

Poplar Forest Capital LLC trimmed its position in Freeport-McMoran, Inc. (NYSE:FCX) by 0.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,124,503 shares of the natural resource company’s stock after selling 7,649 shares during the period. Freeport-McMoran makes up about 2.2% of Poplar Forest Capital LLC’s portfolio, making the stock its 23rd largest holding. Poplar Forest Capital LLC owned 0.15% of Freeport-McMoran worth $25,515,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Acrospire Investment Management LLC acquired a new stake in Freeport-McMoran in the first quarter worth approximately $122,000. Advantage Investment Management LLC lifted its position in Freeport-McMoran by 5.6% in the first quarter. Advantage Investment Management LLC now owns 9,402 shares of the natural resource company’s stock worth $126,000 after purchasing an additional 500 shares during the period. First Manhattan Co. lifted its position in Freeport-McMoran by 0.3% in the second quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock worth $120,000 after purchasing an additional 33 shares during the period. Outfitter Advisors LTD. acquired a new stake in Freeport-McMoran in the second quarter worth approximately $121,000. Finally, Fisher Asset Management LLC acquired a new stake in Freeport-McMoran in the second quarter worth approximately $122,000. Hedge funds and other institutional investors own 67.95% of the company’s stock.

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A number of research firms have weighed in on FCX. Clarkson Capital restated a “neutral” rating on shares of Freeport-McMoran in a research report on Monday, July 10th. ValuEngine downgraded Freeport-McMoran from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. CIBC began coverage on Freeport-McMoran in a research report on Friday. They issued a “sector outperform” rating and a $18.00 target price for the company. BidaskClub upgraded Freeport-McMoran from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Finally, BMO Capital Markets set a $17.00 target price on Freeport-McMoran and gave the stock a “hold” rating in a research report on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $15.51.

Freeport-McMoran, Inc. (NYSE:FCX) traded up 0.14% during mid-day trading on Friday, hitting $13.88. The stock had a trading volume of 21,270,549 shares. The company has a 50-day moving average price of $14.59 and a 200 day moving average price of $12.97. The company has a market cap of $20.09 billion, a P/E ratio of 19.58 and a beta of 2.57. Freeport-McMoran, Inc. has a 1-year low of $9.24 and a 1-year high of $17.06.

Freeport-McMoran (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.21 by ($0.04). The company had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.67 billion. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The company’s revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.02) earnings per share. Equities research analysts forecast that Freeport-McMoran, Inc. will post $0.94 EPS for the current fiscal year.

In related news, COO Harry M. Iv Conger acquired 36,180 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The shares were acquired at an average cost of $15.23 per share, with a total value of $551,021.40. Following the transaction, the chief operating officer now owns 73,943 shares of the company’s stock, valued at approximately $1,126,151.89. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.40% of the company’s stock.

About Freeport-McMoran

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.

Institutional Ownership by Quarter for Freeport-McMoran (NYSE:FCX)

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