Texas Permanent School Fund reduced its position in Freeport-McMoran, Inc. (NYSE:FCX) by 3.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 373,990 shares of the natural resource company’s stock after selling 14,539 shares during the period. Texas Permanent School Fund’s holdings in Freeport-McMoran were worth $4,492,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the company. UBS Asset Management Americas Inc. increased its stake in shares of Freeport-McMoran by 6.6% in the fourth quarter. UBS Asset Management Americas Inc. now owns 3,859,533 shares of the natural resource company’s stock worth $50,908,000 after buying an additional 240,129 shares during the last quarter. Kentucky Retirement Systems bought a new position in Freeport-McMoran during the fourth quarter worth $1,199,000. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Freeport-McMoran during the fourth quarter worth $535,000. Highbridge Capital Management LLC increased its position in Freeport-McMoran by 16,285.1% in the fourth quarter. Highbridge Capital Management LLC now owns 163,851 shares of the natural resource company’s stock worth $2,162,000 after buying an additional 162,851 shares in the last quarter. Finally, McQueen Ball & Associates Inc. increased its position in Freeport-McMoran by 30.0% in the first quarter. McQueen Ball & Associates Inc. now owns 217,783 shares of the natural resource company’s stock worth $2,910,000 after buying an additional 50,199 shares in the last quarter. 69.94% of the stock is owned by institutional investors and hedge funds.
Shares of Freeport-McMoran, Inc. (FCX) opened at 14.15 on Friday. Freeport-McMoran, Inc. has a 52 week low of $9.24 and a 52 week high of $17.06. The stock’s 50 day moving average is $13.58 and its 200-day moving average is $13.04. The company has a market cap of $20.48 billion, a price-to-earnings ratio of 19.96 and a beta of 2.59. Freeport-McMoran also was the recipient of unusually large options trading activity on Wednesday. Traders bought 48,064 call options on the company. This represents an increase of 145% compared to the average volume of 19,644 call options.
Freeport-McMoran (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing the Zacks’ consensus estimate of $0.21 by $0.04. The company had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.67 billion. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.02) earnings per share. On average, equities analysts anticipate that Freeport-McMoran, Inc. will post $0.89 earnings per share for the current year.
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FCX has been the subject of a number of research reports. Jefferies Group LLC reduced their target price on shares of Freeport-McMoran from $16.00 to $14.50 and set a “buy” rating for the company in a research report on Thursday, June 8th. Vetr cut shares of Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $14.50 price target on the stock. in a research note on Tuesday, April 25th. ValuEngine upgraded shares of Freeport-McMoran from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. BMO Capital Markets restated a “hold” rating and set a $15.00 price target on shares of Freeport-McMoran in a research note on Thursday, June 29th. Finally, Deutsche Bank AG restated a “hold” rating and set a $13.00 price target (down from $14.00) on shares of Freeport-McMoran in a research note on Sunday, June 25th. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently 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.
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