Dai Ichi Life Insurance Company Ltd lifted its position in Freeport-McMoran, Inc. (NYSE:FCX) by 4.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 182,445 shares of the natural resource company’s stock after acquiring an additional 7,445 shares during the period. Dai Ichi Life Insurance Company Ltd’s holdings in Freeport-McMoran were worth $2,191,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in the stock. NorthCoast Asset Management LLC raised its position in shares of Freeport-McMoran by 1.1% in the 2nd quarter. NorthCoast Asset Management LLC now owns 99,982 shares of the natural resource company’s stock valued at $1,201,000 after acquiring an additional 1,124 shares during the period. Alliancebernstein L.P. raised its position in shares of Freeport-McMoran by 3.4% in the 2nd quarter. Alliancebernstein L.P. now owns 2,463,468 shares of the natural resource company’s stock valued at $29,586,000 after acquiring an additional 80,466 shares during the period. Aberdeen Asset Management PLC UK raised its position in shares of Freeport-McMoran by 30.0% in the 2nd quarter. Aberdeen Asset Management PLC UK now owns 502,062 shares of the natural resource company’s stock valued at $6,030,000 after acquiring an additional 115,737 shares during the period. AXA acquired a new stake in shares of Freeport-McMoran in the 2nd quarter valued at approximately $15,414,000. Finally, Systematic Financial Management LP raised its position in shares of Freeport-McMoran by 398.6% in the 2nd quarter. Systematic Financial Management LP now owns 845,760 shares of the natural resource company’s stock valued at $10,158,000 after acquiring an additional 676,125 shares during the period. Institutional investors and hedge funds own 67.95% of the company’s stock.
In related news, COO Harry M. Iv Conger bought 36,180 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were acquired at an average price 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 $1,126,151.89. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.40% of the stock is currently owned by company insiders.
Shares of Freeport-McMoran, Inc. (FCX) opened at 13.94 on Thursday. Freeport-McMoran, Inc. has a 12-month low of $9.24 and a 12-month high of $17.06. The firm has a 50-day moving average price of $14.67 and a 200 day moving average price of $12.96. The company has a market capitalization of $20.18 billion, a P/E ratio of 19.66 and a beta of 2.57.
Freeport-McMoran (NYSE:FCX) last released 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 firm had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.67 billion. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.02) earnings per share. On average, equities research analysts predict that Freeport-McMoran, Inc. will post $0.93 earnings per share for the current year.
FCX has been the topic of several research analyst reports. Jefferies Group LLC set a $18.00 target price on shares of Freeport-McMoran and gave the stock a “buy” rating in a report on Monday, August 28th. Berenberg Bank restated a “sell” rating and set a $10.40 target price on shares of Freeport-McMoran in a report on Tuesday, September 5th. Zacks Investment Research downgraded shares of Freeport-McMoran from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. BMO Capital Markets set a $17.00 target price on shares of Freeport-McMoran and gave the stock a “hold” rating in a report on Wednesday, July 26th. Finally, Deutsche Bank AG restated a “hold” rating and set a $13.00 target price (down from $14.00) on shares of Freeport-McMoran in a report on Sunday, June 25th. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $14.99.
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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