Wheatland Advisors Inc. lowered its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 3.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,906 shares of the natural resource company’s stock after selling 1,000 shares during the period. Wheatland Advisors Inc.’s holdings in Freeport-McMoran were worth $299,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Stoneridge Investment Partners LLC increased its position in Freeport-McMoran by 22.9% in the second quarter. Stoneridge Investment Partners LLC now owns 355,542 shares of the natural resource company’s stock valued at $4,270,000 after buying an additional 66,223 shares during the period. HL Financial Services LLC bought a new position in Freeport-McMoran during the second quarter valued at about $154,000. Advisor Partners LLC increased its position in Freeport-McMoran by 13.9% in the second quarter. Advisor Partners LLC now owns 48,881 shares of the natural resource company’s stock valued at $587,000 after buying an additional 5,971 shares during the period. Pictet Asset Management Ltd. increased its position in Freeport-McMoran by 2.7% in the second quarter. Pictet Asset Management Ltd. now owns 703,258 shares of the natural resource company’s stock valued at $8,080,000 after buying an additional 18,800 shares during the period. Finally, Tdam USA Inc. increased its position in Freeport-McMoran by 14.7% in the second quarter. Tdam USA Inc. now owns 15,711 shares of the natural resource company’s stock valued at $190,000 after buying an additional 2,015 shares during the period. Hedge funds and other institutional investors own 69.45% of the company’s stock.
Shares of Freeport-McMoran, Inc. (NYSE:FCX) opened at 14.59 on Thursday. The stock has a market cap of $21.11 billion, a price-to-earnings ratio of 20.58 and a beta of 2.59. The firm has a 50-day moving average price of $13.08 and a 200 day moving average price of $13.12. Freeport-McMoran, Inc. has a 52-week low of $9.24 and a 52-week high of $17.06.
Freeport-McMoran (NYSE:FCX) last announced its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.21 by $0.04. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The company had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.67 billion. During the same quarter last year, the business posted ($0.02) earnings per share. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. Analysts expect that Freeport-McMoran, Inc. will post $0.87 earnings per share for the current year.
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Several research firms have recently issued reports on FCX. Zacks Investment Research upgraded shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a report on Friday, July 28th. Berenberg Bank set a $10.00 price objective on shares of Freeport-McMoran and gave the company a “sell” rating in a report on Friday, July 28th. FBR & Co restated a “market perform” rating and set a $13.00 price objective (up previously from $12.00) on shares of Freeport-McMoran in a report on Thursday, July 27th. Jefferies Group LLC restated a “buy” rating and set a $18.00 price objective on shares of Freeport-McMoran in a report on Thursday, July 27th. Finally, Cowen and Company upped their price objective on shares of Freeport-McMoran from $20.00 to $22.00 and gave the company an “outperform” rating in a report on Thursday, July 27th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target 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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