CIBC Asset Management Inc trimmed its stake in Freeport-McMoRan Inc (NYSE:FCX) by 2.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 132,976 shares of the natural resource company’s stock after selling 2,975 shares during the quarter. CIBC Asset Management Inc’s holdings in Freeport-McMoRan were worth $2,521,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its position in Freeport-McMoRan by 18.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 24,292,902 shares of the natural resource company’s stock valued at $341,073,000 after acquiring an additional 3,724,271 shares during the period. Dimensional Fund Advisors LP lifted its position in Freeport-McMoRan by 5.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 12,110,654 shares of the natural resource company’s stock valued at $170,081,000 after acquiring an additional 589,638 shares during the period. BT Investment Management Ltd lifted its position in Freeport-McMoRan by 6.4% during the 3rd quarter. BT Investment Management Ltd now owns 8,402,905 shares of the natural resource company’s stock valued at $118,048,000 after acquiring an additional 507,722 shares during the period. Contrarius Investment Management Ltd lifted its position in Freeport-McMoRan by 74.3% during the 3rd quarter. Contrarius Investment Management Ltd now owns 6,176,460 shares of the natural resource company’s stock valued at $86,717,000 after acquiring an additional 2,633,409 shares during the period. Finally, Schwab Charles Investment Management Inc. lifted its position in Freeport-McMoRan by 1.6% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 6,061,699 shares of the natural resource company’s stock valued at $114,930,000 after acquiring an additional 97,798 shares during the period. 68.21% of the stock is owned by hedge funds and other institutional investors.
In other Freeport-McMoRan news, VP C Donald Whitmire, Jr. sold 21,500 shares of Freeport-McMoRan stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $19.49, for a total value of $419,035.00. Following the completion of the transaction, the vice president now directly owns 70,239 shares of the company’s stock, valued at $1,368,958.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.29% of the stock is currently owned by insiders.
A number of research analysts recently issued reports on FCX shares. CIBC cut shares of Freeport-McMoRan from a “sector outperform” rating to a “neutral” rating in a research report on Monday, January 22nd. ValuEngine raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday, October 26th. Stifel Nicolaus lifted their price target on shares of Freeport-McMoRan from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Tuesday. FBR & Co reissued a “hold” rating and set a $12.00 price target on shares of Freeport-McMoRan in a research report on Thursday, October 26th. Finally, Scotiabank reissued a “hold” rating and set a $19.00 price target on shares of Freeport-McMoRan in a research report on Monday, January 8th. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $16.13.
Freeport-McMoRan Inc (NYSE FCX) opened at $17.16 on Friday. The company has a quick ratio of 1.37, a current ratio of 2.14 and a debt-to-equity ratio of 1.04. The stock has a market cap of $25,853.96, a PE ratio of 15.27 and a beta of 2.50. Freeport-McMoRan Inc has a twelve month low of $11.05 and a twelve month high of $20.25.
Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, January 25th. The natural resource company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.02. The business had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $4.89 billion. Freeport-McMoRan had a net margin of 11.08% and a return on equity of 16.57%. The business’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 company earned $0.25 earnings per share. sell-side analysts predict that Freeport-McMoRan Inc will post 2.15 EPS for the current fiscal year.
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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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