Nippon Life Insurance Co. increased its position in Freeport-McMoran, Inc. (NYSE:FCX) by 53.3% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 66,604 shares of the natural resource company’s stock after buying an additional 23,144 shares during the period. Nippon Life Insurance Co.’s holdings in Freeport-McMoran were worth $800,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of FCX. First Manhattan Co. boosted its position in shares of 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 buying an additional 33 shares in the last quarter. Outfitter Advisors LTD. bought a new position in shares of Freeport-McMoran during the second quarter worth approximately $121,000. Acrospire Investment Management LLC bought a new position in shares of Freeport-McMoran during the first quarter worth approximately $122,000. Fisher Asset Management LLC bought a new position in shares of Freeport-McMoran during the second quarter worth approximately $122,000. Finally, Partnervest Advisory Services LLC bought a new position in shares of Freeport-McMoran during the second quarter worth approximately $123,000. Institutional investors own 69.94% of the company’s stock.
Shares of Freeport-McMoran, Inc. (NYSE:FCX) opened at 15.07 on Wednesday. Freeport-McMoran, Inc. has a one year low of $9.24 and a one year high of $17.06. The company has a market capitalization of $21.81 billion, a price-to-earnings ratio of 21.26 and a beta of 2.59. The company has a 50-day moving average price of $13.65 and a 200 day moving average price of $12.97.
Freeport-McMoran (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing the Zacks’ 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 analyst estimates of $3.67 billion. During the same quarter last year, the company posted ($0.02) EPS. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. On average, analysts forecast that Freeport-McMoran, Inc. will post $0.89 EPS for the current fiscal year.
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A number of research analysts have commented on the company. Zacks Investment Research cut Freeport-McMoran from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. Jefferies Group LLC restated a “buy” rating and set a $18.00 price objective on shares of Freeport-McMoran in a research note on Thursday, July 27th. Deutsche Bank AG restated a “hold” rating and set a $13.00 price objective (down previously from $14.00) on shares of Freeport-McMoran in a research note on Sunday, June 25th. BidaskClub upgraded Freeport-McMoran from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. Finally, Vetr cut Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $14.50 price objective on the stock. in a research note on Tuesday, April 25th. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $14.32.
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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