Centre Asset Management LLC purchased a new position in shares of Freeport-McMoran, Inc. (NYSE:FCX) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 350,510 shares of the natural resource company’s stock, valued at approximately $4,921,000.
Several other institutional investors have also bought and sold shares of the business. Intl Fcstone Inc. bought a new position in shares of Freeport-McMoran during the 2nd quarter worth approximately $445,000. Lord Abbett & CO. LLC boosted its holdings in shares of Freeport-McMoran by 8.7% during the 2nd quarter. Lord Abbett & CO. LLC now owns 2,055,772 shares of the natural resource company’s stock worth $24,690,000 after buying an additional 164,100 shares in the last quarter. Sentry Investment Management LLC boosted its holdings in shares of Freeport-McMoran by 22.9% during the 2nd quarter. Sentry Investment Management LLC now owns 105,176 shares of the natural resource company’s stock worth $1,263,000 after buying an additional 19,584 shares in the last quarter. Toronto Dominion Bank boosted its holdings in shares of Freeport-McMoran by 25.3% during the 2nd quarter. Toronto Dominion Bank now owns 460,229 shares of the natural resource company’s stock worth $5,527,000 after buying an additional 92,843 shares in the last quarter. Finally, Cetera Investment Advisers bought a new position in shares of Freeport-McMoran during the 2nd quarter worth approximately $1,315,000. Hedge funds and other institutional investors own 67.97% of the company’s stock.
A number of research firms have issued reports on FCX. Jefferies Group LLC set a $18.00 price target on Freeport-McMoran and gave the stock a “buy” rating in a report on Monday, August 28th. Vertical Research restated a “buy” rating and set a $20.00 price target on shares of Freeport-McMoran in a report on Tuesday, August 29th. BidaskClub upgraded Freeport-McMoran from a “sell” rating to a “hold” rating in a report on Thursday, August 24th. Deutsche Bank AG cut Freeport-McMoran from a “hold” rating to a “sell” rating and set a $13.00 price target on the stock. in a report on Tuesday. Finally, Stifel Nicolaus set a $15.00 price target on Freeport-McMoran and gave the stock a “hold” rating in a report on Tuesday, August 29th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Freeport-McMoran currently has an average rating of “Hold” and an average price target of $15.76.
Freeport-McMoran, Inc. (NYSE:FCX) traded down 1.14% during midday trading on Wednesday, reaching $14.76. The company had a trading volume of 6,072,121 shares. The company has a 50-day moving average of $14.44 and a 200-day moving average of $13.20. Freeport-McMoran, Inc. has a 12-month low of $9.50 and a 12-month high of $17.06. The stock has a market capitalization of $21.36 billion, a PE ratio of 20.82 and a beta of 2.54.
Freeport-McMoran (NYSE:FCX) last posted its quarterly earnings results 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 return on equity of 10.45% and a net margin of 5.97%. The business had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.67 billion. During the same quarter in the prior year, the firm earned ($0.02) EPS. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, analysts predict that Freeport-McMoran, Inc. will post $1.02 EPS for the current fiscal year.
In other Freeport-McMoran news, COO Harry M. Iv Conger purchased 36,180 shares of the firm’s stock in a transaction dated Thursday, September 7th. The stock was purchased at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the completion of the purchase, the chief operating officer now directly owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.29% of the stock is owned by insiders.
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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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