Freeport-McMoran, Inc. (FCX) Shares Sold by Great West Life Assurance Co. Can

Great West Life Assurance Co. Can cut its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 18.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 965,374 shares of the natural resource company’s stock after selling 212,397 shares during the period. Great West Life Assurance Co. Can owned approximately 0.07% of Freeport-McMoran worth $11,571,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Louisiana State Employees Retirement System increased its stake in Freeport-McMoran by 3.7% in the first quarter. Louisiana State Employees Retirement System now owns 81,700 shares of the natural resource company’s stock valued at $1,092,000 after buying an additional 2,900 shares during the period. Cornerstone Financial Partners LLC increased its stake in Freeport-McMoran by 230.3% in the first quarter. Cornerstone Financial Partners LLC now owns 137,034 shares of the natural resource company’s stock valued at $1,833,000 after buying an additional 95,546 shares during the period. BLB&B Advisors LLC increased its stake in Freeport-McMoran by 1.4% in the first quarter. BLB&B Advisors LLC now owns 69,528 shares of the natural resource company’s stock valued at $929,000 after buying an additional 950 shares during the period. Atria Investments LLC acquired a new stake in Freeport-McMoran during the first quarter valued at approximately $134,000. Finally, Prospera Financial Services Inc increased its stake in Freeport-McMoran by 0.6% in the first quarter. Prospera Financial Services Inc now owns 10,491 shares of the natural resource company’s stock valued at $140,000 after buying an additional 60 shares during the period. 69.94% of the stock is currently owned by institutional investors and hedge funds.

Shares of Freeport-McMoran, Inc. (NYSE FCX) traded down 0.35% during midday trading on Friday, hitting $14.15. 15,434,337 shares of the stock were exchanged. The firm has a 50-day moving average price of $13.58 and a 200 day moving average price of $13.04. The firm has a market cap of $20.48 billion, a PE ratio of 19.96 and a beta of 2.59. Freeport-McMoran, Inc. has a 12-month low of $9.24 and a 12-month high of $17.06. Freeport-McMoran also was the target of unusually large options trading on Wednesday. Stock traders purchased 48,064 call options on the stock. This is an increase of approximately 145% compared to the typical volume of 19,644 call options.

Freeport-McMoran (NYSE:FCX) last released its quarterly earnings results 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 for the quarter, compared to analyst estimates of $3.67 billion. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.02) EPS. Analysts predict that Freeport-McMoran, Inc. will post $0.89 earnings per share for the current fiscal year.

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A number of brokerages recently issued reports on FCX. BMO Capital Markets set a $17.00 price target on shares of Freeport-McMoran and gave the stock a “hold” rating in a report on Wednesday, July 26th. Cowen and Company increased their price target on shares of Freeport-McMoran from $20.00 to $22.00 and gave the stock an “outperform” rating in a report on Thursday, July 27th. Jefferies Group LLC reissued a “buy” rating and set a $18.00 price target on shares of Freeport-McMoran in a report on Thursday, July 27th. FBR & Co reissued a “market perform” rating and set a $13.00 price target (up from $12.00) on shares of Freeport-McMoran in a report on Thursday, July 27th. Finally, Berenberg Bank set a $10.00 price target on shares of Freeport-McMoran and gave the stock a “sell” rating in a report on Friday, July 28th. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Freeport-McMoran has a consensus rating of “Hold” and an average target price of $14.32.

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.

Institutional Ownership by Quarter for Freeport-McMoran (NYSE:FCX)

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