Bernardo Wealth Planning LLC lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 4.3% in the 3rd quarter, Holdings Channel reports. The fund owned 22,412 shares of the natural resource company’s stock after selling 1,000 shares during the quarter. Bernardo Wealth Planning LLC’s holdings in Freeport-McMoRan were worth $350,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in FCX. Polunin Capital Partners Ltd bought a new position in shares of Freeport-McMoRan in the 2nd quarter worth approximately $54,892,000. FMR LLC raised its position in shares of Freeport-McMoRan by 94.4% in the 2nd quarter. FMR LLC now owns 9,118,532 shares of the natural resource company’s stock worth $105,502,000 after acquiring an additional 4,427,692 shares in the last quarter. Nuveen Asset Management LLC raised its position in shares of Freeport-McMoRan by 61.1% in the 2nd quarter. Nuveen Asset Management LLC now owns 11,163,448 shares of the natural resource company’s stock worth $129,161,000 after acquiring an additional 4,232,334 shares in the last quarter. Bank of New York Mellon Corp increased its position in Freeport-McMoRan by 15.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 26,224,564 shares of the natural resource company’s stock valued at $303,417,000 after buying an additional 3,576,327 shares in the last quarter. Finally, Crake Asset Management LLP increased its position in Freeport-McMoRan by 679.9% during the 2nd quarter. Crake Asset Management LLP now owns 2,495,787 shares of the natural resource company’s stock valued at $28,876,000 after buying an additional 2,175,787 shares in the last quarter. 69.59% of the stock is owned by hedge funds and other institutional investors.
A number of research firms recently weighed in on FCX. Barclays lowered Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and set a $14.00 price objective for the company. in a research report on Monday, July 20th. They noted that the move was a valuation call. Royal Bank of Canada raised their price objective on Freeport-McMoRan from $16.00 to $19.00 and gave the company a “sector perform” rating in a research report on Friday. They noted that the move was a valuation call. Deutsche Bank Aktiengesellschaft raised their price objective on Freeport-McMoRan from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday. Raymond James lifted their target price on Freeport-McMoRan from $17.00 to $19.00 and gave the stock a “market perform” rating in a report on Friday. Finally, TheStreet raised Freeport-McMoRan from a “d+” rating to a “c” rating in a report on Thursday, July 23rd. Six investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Freeport-McMoRan has a consensus rating of “Buy” and a consensus price target of $17.07.
FCX stock opened at $17.81 on Monday. The company has a market cap of $26.66 billion, a P/E ratio of -45.90 and a beta of 2.31. Freeport-McMoRan Inc. has a 1 year low of $4.82 and a 1 year high of $18.68. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.46 and a quick ratio of 1.15. The stock’s fifty day moving average price is $16.37 and its 200-day moving average price is $12.45.
Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, October 22nd. The natural resource company reported $0.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.08. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $3.68 billion. Freeport-McMoRan had a negative return on equity of 0.98% and a negative net margin of 4.28%. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same period last year, the business posted $0.01 EPS. As a group, analysts expect that Freeport-McMoRan Inc. will post 0.46 earnings per share for the current year.
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
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