Partnervest Advisory Services LLC purchased a new position in shares of Freeport-McMoRan Inc (NYSE:FCX) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 10,272 shares of the natural resource company’s stock, valued at approximately $123,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of FCX. Schwab Charles Investment Management Inc. raised its position in shares of Freeport-McMoRan by 5.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 6,079,493 shares of the natural resource company’s stock worth $73,015,000 after buying an additional 330,486 shares during the last quarter. Stoneridge Investment Partners LLC raised its position in shares of Freeport-McMoRan by 22.9% in the second quarter. Stoneridge Investment Partners LLC now owns 355,542 shares of the natural resource company’s stock worth $4,270,000 after buying an additional 66,223 shares during the last quarter. HL Financial Services LLC bought a new position in shares of Freeport-McMoRan during the second quarter worth about $154,000. Advisor Partners LLC raised its position in shares of Freeport-McMoRan by 13.9% in the second quarter. Advisor Partners LLC now owns 48,881 shares of the natural resource company’s stock worth $587,000 after buying an additional 5,971 shares during the last quarter. Finally, Pictet Asset Management Ltd. raised its position in shares of Freeport-McMoRan by 2.7% in the second quarter. Pictet Asset Management Ltd. now owns 703,258 shares of the natural resource company’s stock worth $8,080,000 after buying an additional 18,800 shares during the last quarter. Institutional investors and hedge funds own 69.45% of the company’s stock.
Shares of Freeport-McMoRan Inc (NYSE FCX) opened at 14.15 on Friday. The company’s 50-day moving average is $13.16 and its 200 day moving average is $13.13. The firm has a market cap of $20.48 billion, a price-to-earnings ratio of 19.96 and a beta of 2.59. Freeport-McMoRan Inc has a 52-week low of $9.24 and a 52-week high of $17.06.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by $0.04. The firm had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.67 billion. Freeport-McMoRan had a net margin of 8.81% and a return on equity of 15.87%. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.02) earnings per share. On average, analysts expect that Freeport-McMoRan Inc will post $0.87 earnings per share for the current fiscal year.
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A number of brokerages have issued reports on FCX. Zacks Investment Research upgraded shares of Freeport-McMoRan from a “sell” rating to a “hold” rating in a research note on Friday, July 28th. Berenberg Bank set a $10.00 price target on shares of Freeport-McMoRan and gave the company a “sell” rating in a research note on Friday, July 28th. FBR & Co restated a “market perform” rating and set a $13.00 price target (up previously from $12.00) on shares of Freeport-McMoRan in a research note on Thursday, July 27th. Jefferies Group LLC restated a “buy” rating and set a $18.00 price target on shares of Freeport-McMoRan in a research note on Thursday, July 27th. Finally, Cowen and Company upped their price target on shares of Freeport-McMoRan from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Thursday, July 27th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Freeport-McMoRan currently has an average rating of “Hold” and an average price target of $14.27.
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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