Quantbot Technologies LP lessened its stake in Freeport-McMoran, Inc. (NYSE:FCX) by 90.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 30,101 shares of the natural resource company’s stock after selling 296,745 shares during the quarter. Quantbot Technologies LP’s holdings in Freeport-McMoran were worth $422,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FCX. BT Investment Management Ltd acquired a new position in shares of Freeport-McMoran in the 2nd quarter valued at approximately $94,821,000. BlueMountain Capital Management LLC raised its position in shares of Freeport-McMoran by 100.4% in the 2nd quarter. BlueMountain Capital Management LLC now owns 26,461 shares of the natural resource company’s stock valued at $318,000 after purchasing an additional 6,651,458 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Freeport-McMoran by 4.9% in the 2nd quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock valued at $1,675,425,000 after purchasing an additional 6,510,840 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Freeport-McMoran by 39.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock valued at $247,029,000 after purchasing an additional 5,810,712 shares in the last quarter. Finally, Contrarius Investment Management Ltd raised its position in shares of Freeport-McMoran by 700.5% in the 2nd quarter. Contrarius Investment Management Ltd now owns 3,543,051 shares of the natural resource company’s stock valued at $42,552,000 after purchasing an additional 3,100,466 shares in the last quarter. Hedge funds and other institutional investors own 69.68% 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 purchased at an average cost of $15.23 per share, with a total value of $551,021.40. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is available at this link. 1.29% of the stock is owned by company insiders.
Shares of Freeport-McMoran, Inc. (FCX) opened at $14.35 on Monday. Freeport-McMoran, Inc. has a 52-week low of $11.05 and a 52-week high of $17.06. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.32 and a current ratio of 2.02. The stock has a market capitalization of $20,772.92, a P/E ratio of 15.77 and a beta of 2.57.
Freeport-McMoran (NYSE:FCX) last issued its earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.03. Freeport-McMoran had a return on equity of 13.35% and a net margin of 6.20%. The firm had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.06 billion. During the same period last year, the company earned $0.13 earnings per share. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. research analysts predict that Freeport-McMoran, Inc. will post 1.07 earnings per share for the current year.
A number of brokerages have issued reports on FCX. Vertical Research reaffirmed a “buy” rating and issued a $20.00 target price on shares of Freeport-McMoran in a research report on Tuesday, August 29th. Jefferies Group LLC set a $18.00 price target on Freeport-McMoran and gave the company a “buy” rating in a research report on Monday, August 28th. BidaskClub raised Freeport-McMoran from a “sell” rating to a “hold” rating in a research report on Thursday, August 24th. Deutsche Bank AG lowered Freeport-McMoran from a “hold” rating to a “sell” rating and set a $13.00 price target on the stock. in a research report on Tuesday, October 17th. Finally, Stifel Nicolaus set a $15.00 price target on Freeport-McMoran and gave the company a “hold” rating in a research report on Tuesday, August 29th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Freeport-McMoran presently has an average rating of “Hold” and an average price target of $15.54.
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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