Freeport-McMoRan Inc (FCX) Position Cut by Oakmont Corp

Oakmont Corp reduced its position in shares of Freeport-McMoRan Inc (NYSE:FCX) by 0.7% in the 4th quarter, Holdings Channel reports. The firm owned 2,938,840 shares of the natural resource company’s stock after selling 20,755 shares during the period. Freeport-McMoRan accounts for about 8.2% of Oakmont Corp’s investment portfolio, making the stock its 6th largest holding. Oakmont Corp’s holdings in Freeport-McMoRan were worth $55,720,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in FCX. QS Investors LLC lifted its holdings in Freeport-McMoRan by 25.6% during the 2nd quarter. QS Investors LLC now owns 39,731 shares of the natural resource company’s stock valued at $477,000 after purchasing an additional 8,095 shares during the last quarter. Employees Retirement System of Texas raised its stake in shares of Freeport-McMoRan by 11.2% in the second quarter. Employees Retirement System of Texas now owns 109,000 shares of the natural resource company’s stock worth $1,309,000 after acquiring an additional 11,000 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Freeport-McMoRan by 418.8% in the second quarter. Janus Henderson Group PLC now owns 828,964 shares of the natural resource company’s stock worth $9,955,000 after acquiring an additional 669,179 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Freeport-McMoRan by 1,482.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 234,200 shares of the natural resource company’s stock worth $2,813,000 after acquiring an additional 219,400 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its stake in shares of Freeport-McMoRan by 4.8% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 177,715 shares of the natural resource company’s stock worth $2,134,000 after acquiring an additional 8,162 shares during the last quarter. 68.39% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have weighed in on FCX. Clarkson Capital raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 17th. TheStreet raised shares of Freeport-McMoRan from a “c” rating to a “b-” rating in a research note on Thursday, January 25th. Morgan Stanley raised shares of Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $10.00 to $14.00 in a research note on Monday, December 11th. UBS Group boosted their target price on shares of Freeport-McMoRan from $13.50 to $14.00 and gave the stock a “neutral” rating in a research note on Monday, October 30th. Finally, Zacks Investment Research downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Monday, November 13th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $16.24.

Shares of Freeport-McMoRan Inc (NYSE FCX) opened at $17.57 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.37 and a current ratio of 2.14. The firm has a market cap of $25,434.15, a P/E ratio of 15.02 and a beta of 2.50. Freeport-McMoRan Inc has a 12 month low of $11.05 and a 12 month high of $20.25.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 25th. The natural resource company reported $0.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.02. The business had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $4.89 billion. Freeport-McMoRan had a net margin of 11.08% and a return on equity of 16.57%. Freeport-McMoRan’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.25 earnings per share. analysts predict that Freeport-McMoRan Inc will post 2.2 EPS for the current year.

In related news, VP C Donald Whitmire, Jr. sold 21,500 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $19.49, for a total transaction of $419,035.00. Following the completion of the sale, the vice president now directly owns 70,239 shares of the company’s stock, valued at $1,368,958.11. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.29% of the company’s stock.

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Freeport-McMoRan 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.

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc (NYSE:FCX).

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

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