Riverhead Capital Management LLC Reduces Stock Position in Freeport-McMoRan Inc (NYSE:FCX)

Riverhead Capital Management LLC lessened its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 57.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,234 shares of the natural resource company’s stock after selling 38,021 shares during the quarter. Riverhead Capital Management LLC’s holdings in Freeport-McMoRan were worth $328,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. TCG Advisors LP purchased a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $33,000. Rational Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 107.0% during the 2nd quarter. Rational Advisors LLC now owns 3,261 shares of the natural resource company’s stock valued at $38,000 after acquiring an additional 1,686 shares during the last quarter. Bremer Bank National Association purchased a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $53,000. Valeo Financial Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 92.3% during the 2nd quarter. Valeo Financial Advisors LLC now owns 4,684 shares of the natural resource company’s stock valued at $54,000 after acquiring an additional 2,248 shares during the last quarter. Finally, Glassman Wealth Services boosted its holdings in shares of Freeport-McMoRan by 5,990.1% during the 1st quarter. Glassman Wealth Services now owns 5,542 shares of the natural resource company’s stock valued at $71,000 after acquiring an additional 5,451 shares during the last quarter. 72.71% of the stock is currently owned by hedge funds and other institutional investors.

Several research analysts have recently weighed in on the company. UBS Group set a $13.00 target price on Freeport-McMoRan and gave the stock a “hold” rating in a research note on Wednesday, June 26th. Deutsche Bank upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their price target for the stock from $12.50 to $13.50 in a report on Wednesday, July 10th. Royal Bank of Canada upgraded Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and increased their price target for the stock from $12.00 to $14.00 in a report on Wednesday, July 24th. JPMorgan Chase & Co. lowered their price target on Freeport-McMoRan from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Tuesday, July 9th. Finally, ValuEngine upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $13.79.

Freeport-McMoRan stock traded up $0.53 during midday trading on Friday, reaching $10.90. 719,092 shares of the stock traded hands, compared to its average volume of 17,941,718. The company has a 50-day simple moving average of $9.81 and a two-hundred day simple moving average of $11.32. Freeport-McMoRan Inc has a 12-month low of $8.58 and a 12-month high of $14.90. The firm has a market cap of $15.05 billion, a PE ratio of 7.16 and a beta of 2.42. The company has a current ratio of 2.66, a quick ratio of 1.32 and a debt-to-equity ratio of 0.56.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 24th. The natural resource company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Freeport-McMoRan had a return on equity of 4.08% and a net margin of 4.11%. The company had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.54 billion. During the same period last year, the business posted $0.59 EPS. Freeport-McMoRan’s revenue for the quarter was down 31.4% on a year-over-year basis. Equities research analysts anticipate that Freeport-McMoRan Inc will post 0.15 earnings per share for the current year.

About Freeport-McMoRan

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

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