Berkshire Asset Management LLC PA decreased its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 2.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,340 shares of the natural resource company’s stock after selling 428 shares during the period. Berkshire Asset Management LLC PA’s holdings in Freeport-McMoran were worth $232,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of the stock. Acrospire Investment Management LLC bought a new stake in Freeport-McMoran during the first quarter valued at approximately $122,000. Fisher Asset Management LLC bought a new stake in Freeport-McMoran during the second quarter valued at approximately $122,000. Advantage Investment Management LLC increased its stake in Freeport-McMoran by 5.6% in the first quarter. Advantage Investment Management LLC now owns 9,402 shares of the natural resource company’s stock valued at $126,000 after buying an additional 500 shares in the last quarter. Atria Investments LLC bought a new stake in Freeport-McMoran during the first quarter valued at approximately $134,000. Finally, Leavell Investment Management Inc. bought a new stake in Freeport-McMoran during the first quarter valued at approximately $134,000. 69.48% of the stock is owned by hedge funds and other institutional investors.
Freeport-McMoran, Inc. (NYSE FCX) opened at 15.06 on Thursday. The stock has a market cap of $21.79 billion, a price-to-earnings ratio of 80.53 and a beta of 2.55. Freeport-McMoran, Inc. has a 52 week low of $9.24 and a 52 week high of $17.06. The firm’s 50 day moving average price is $12.33 and its 200-day moving average price is $13.16. Freeport-McMoran also saw unusually large options trading activity on Tuesday. Investors purchased 41,703 put options on the company. This represents an increase of 283% compared to the average volume of 10,892 put options.
Freeport-McMoran (NYSE:FCX) last announced its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the Thomson Reuters’ 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 business had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same quarter in the prior year, the company earned ($0.02) earnings per share. The company’s quarterly revenue was up 11.3% on a year-over-year basis. Analysts expect that Freeport-McMoran, Inc. will post $0.97 EPS for the current year.
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FCX has been the topic of several recent analyst reports. Zacks Investment Research cut Freeport-McMoran from a “hold” rating to a “sell” rating in a research report on Wednesday, July 5th. FBR & Co reiterated a “hold” rating and set a $13.00 target price on shares of Freeport-McMoran in a research report on Wednesday, April 5th. Deutsche Bank AG reiterated a “hold” rating and set a $13.00 target price (down previously from $14.00) on shares of Freeport-McMoran in a research report on Sunday, June 25th. BidaskClub upgraded Freeport-McMoran from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. Finally, Vetr cut Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $14.50 target price on the stock. in a research report on Tuesday, April 25th. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $14.02.
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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