Cohen Klingenstein LLC held its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 264,939 shares of the natural resource company’s stock at the end of the second quarter. Cohen Klingenstein LLC’s holdings in Freeport-McMoran were worth $3,182,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Acrospire Investment Management LLC purchased a new stake in shares of Freeport-McMoran during the first quarter worth $122,000. Advantage Investment Management LLC raised its stake in shares of Freeport-McMoran by 5.6% in the first quarter. Advantage Investment Management LLC now owns 9,402 shares of the natural resource company’s stock worth $126,000 after buying an additional 500 shares in the last quarter. Atria Investments LLC purchased a new stake in shares of Freeport-McMoran during the first quarter worth $134,000. Leavell Investment Management Inc. bought a new position in shares of Freeport-McMoran during the first quarter valued at approximately $134,000. Finally, Fisher Asset Management LLC bought a new position in shares of Freeport-McMoran during the second quarter valued at approximately $122,000. Institutional investors and hedge funds own 69.45% of the company’s stock.
Freeport-McMoran, Inc. (FCX) opened at 13.96 on Friday. Freeport-McMoran, Inc. has a 1-year low of $9.24 and a 1-year high of $17.06. The company has a 50-day moving average price of $13.24 and a 200-day moving average price of $13.11. The company has a market cap of $20.20 billion, a PE ratio of 19.69 and a beta of 2.59.
Freeport-McMoran (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.21 by $0.04. The company had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.67 billion. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.02) EPS. On average, analysts expect that Freeport-McMoran, Inc. will post $0.87 EPS for the current fiscal year.
FCX has been the topic of several recent research reports. Vetr raised Freeport-McMoran from a “buy” rating to a “strong-buy” rating and set a $14.36 target price on the stock in a report on Monday, May 1st. Zacks Investment Research downgraded Freeport-McMoran from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. ValuEngine raised Freeport-McMoran from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Deutsche Bank AG reissued a “hold” rating and issued a $13.00 price objective (down from $14.00) on shares of Freeport-McMoran in a research note on Sunday, June 25th. Finally, FBR & Co dropped their price target on Freeport-McMoran from $13.00 to $12.00 and set a “mkt perform” rating on the stock in a research note on Monday, May 1st. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $14.27.
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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