Natixis Advisors L.P. boosted its position in shares of Freeport-McMoRan Inc (NYSE:FCX) by 9.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 545,118 shares of the natural resource company’s stock after purchasing an additional 45,545 shares during the quarter. Natixis Advisors L.P.’s holdings in Freeport-McMoRan were worth $6,329,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of FCX. Clearbridge Investments LLC grew its stake in Freeport-McMoRan by 2.4% in the 1st quarter. Clearbridge Investments LLC now owns 32,070,928 shares of the natural resource company’s stock valued at $413,394,000 after acquiring an additional 738,220 shares during the last quarter. Geode Capital Management LLC raised its position in Freeport-McMoRan by 4.7% during the fourth quarter. Geode Capital Management LLC now owns 21,269,503 shares of the natural resource company’s stock worth $218,954,000 after acquiring an additional 959,745 shares during the last quarter. Northern Trust Corp raised its position in Freeport-McMoRan by 0.5% during the first quarter. Northern Trust Corp now owns 20,644,052 shares of the natural resource company’s stock worth $266,103,000 after acquiring an additional 93,686 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Freeport-McMoRan by 3.7% in the second quarter. Charles Schwab Investment Management Inc. now owns 6,711,173 shares of the natural resource company’s stock valued at $77,917,000 after purchasing an additional 238,885 shares in the last quarter. Finally, TCW Group Inc. lifted its holdings in shares of Freeport-McMoRan by 8.6% in the first quarter. TCW Group Inc. now owns 6,458,680 shares of the natural resource company’s stock valued at $83,252,000 after purchasing an additional 510,599 shares in the last quarter. 72.71% of the stock is currently owned by institutional investors.
Shares of NYSE:FCX traded down $0.11 during trading on Wednesday, reaching $10.01. The stock had a trading volume of 464,442 shares, compared to its average volume of 17,917,692. The business has a fifty day moving average price of $9.84 and a 200-day moving average price of $11.34. The company has a quick ratio of 1.32, a current ratio of 2.66 and a debt-to-equity ratio of 0.56. The stock has a market cap of $14.31 billion, a P/E ratio of 6.60 and a beta of 2.42. Freeport-McMoRan Inc has a fifty-two week low of $8.58 and a fifty-two week high of $14.90.
Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.01. The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.54 billion. Freeport-McMoRan had a net margin of 4.11% and a return on equity of 4.08%. Freeport-McMoRan’s revenue was down 31.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.59 earnings per share. As a group, equities analysts forecast that Freeport-McMoRan Inc will post 0.15 EPS for the current year.
FCX has been the topic of several research reports. Barclays upgraded shares of Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and set a $12.00 price target on the stock in a research report on Tuesday, July 16th. Deutsche Bank upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $12.50 to $13.50 in a research report on Wednesday, July 10th. JPMorgan Chase & Co. reduced their target price on Freeport-McMoRan from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 9th. Royal Bank of Canada upgraded Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and increased their target price for the company from $12.00 to $14.00 in a report on Wednesday, July 24th. Finally, Raymond James reiterated a “market perform” rating and set a $13.00 target price on shares of Freeport-McMoRan in a report on Thursday, July 25th. Ten investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $13.88.
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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