Greenwich Wealth Management LLC cut its position in shares of Freeport-McMoRan Inc (NYSE:FCX) by 0.8% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 316,830 shares of the natural resource company’s stock after selling 2,487 shares during the period. Greenwich Wealth Management LLC’s holdings in Freeport-McMoRan were worth $3,678,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. TCG Advisors LP purchased a new stake in shares of Freeport-McMoRan in the first quarter worth about $33,000. Rational Advisors LLC boosted its holdings in Freeport-McMoRan by 107.0% in the second quarter. Rational Advisors LLC now owns 3,261 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 1,686 shares during the last quarter. Bremer Bank National Association purchased a new position in Freeport-McMoRan in the first quarter valued at about $53,000. Valeo Financial Advisors LLC boosted its holdings in Freeport-McMoRan by 92.3% in the second quarter. Valeo Financial Advisors LLC now owns 4,684 shares of the natural resource company’s stock valued at $54,000 after purchasing an additional 2,248 shares during the last quarter. Finally, Glassman Wealth Services boosted its holdings in Freeport-McMoRan by 5,990.1% in the first quarter. Glassman Wealth Services now owns 5,542 shares of the natural resource company’s stock valued at $71,000 after purchasing an additional 5,451 shares during the last quarter. 72.71% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts recently commented on the company. UBS Group set a $13.00 price target on Freeport-McMoRan and gave the company a “hold” rating in a report on Wednesday, June 26th. Raymond James reissued a “market perform” rating and issued a $13.00 price target on shares of Freeport-McMoRan in a report on Thursday, July 25th. ValuEngine raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. Deutsche Bank raised Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their price target for the company from $12.50 to $13.50 in a report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. reduced their price target on Freeport-McMoRan from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Tuesday, July 9th. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Freeport-McMoRan has a consensus rating of “Hold” and a consensus price target of $13.79.
NYSE FCX traded up $0.32 on Thursday, hitting $10.40. 619,138 shares of the stock traded hands, compared to its average volume of 20,630,805. The stock has a 50-day moving average of $9.81 and a 200 day moving average of $11.32. Freeport-McMoRan Inc has a twelve month low of $8.58 and a twelve month high of $14.90. The company has a market capitalization of $14.59 billion, a P/E ratio of 6.84 and a beta of 2.42. The company has a current ratio of 2.66, a quick ratio of 1.32 and a debt-to-equity ratio of 0.56.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. Freeport-McMoRan had a return on equity of 4.08% and a net margin of 4.11%. The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.54 billion. During the same quarter in the prior year, the firm posted $0.59 earnings per share. Freeport-McMoRan’s revenue for the quarter was down 31.4% compared to the same quarter last year. As a group, equities research analysts expect that Freeport-McMoRan Inc will post 0.15 earnings per share for the current year.
Freeport-McMoRan Company Profile
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
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