Wright Investors Service Inc. lifted its stake in Freeport-McMoran, Inc. (NYSE:FCX) by 93.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,332 shares of the natural resource company’s stock after purchasing an additional 9,832 shares during the period. Wright Investors Service Inc.’s holdings in Freeport-McMoran were worth $285,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. IHT Wealth Management LLC grew its holdings in shares of Freeport-McMoran by 27.1% in the second quarter. IHT Wealth Management LLC now owns 1,758 shares of the natural resource company’s stock worth $843,000 after purchasing an additional 375 shares during the last quarter. Sun Life Financial INC grew its holdings in shares of Freeport-McMoran by 96,340.0% in the second quarter. Sun Life Financial INC now owns 9,644 shares of the natural resource company’s stock worth $116,000 after purchasing an additional 9,634 shares during the last quarter. First Manhattan Co. grew its holdings in shares of Freeport-McMoran by 0.3% in the second quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock worth $120,000 after purchasing an additional 33 shares during the last quarter. Outfitter Advisors LTD. bought a new position in shares of Freeport-McMoran in the second quarter worth about $121,000. Finally, Fisher Asset Management LLC bought a new position in shares of Freeport-McMoran in the second quarter worth about $122,000. Hedge funds and other institutional investors own 67.95% of the company’s stock.
Freeport-McMoran (NYSE:FCX) last announced its quarterly earnings data on Wednesday, October 25th. The natural resource company reported $0.34 EPS for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.03. Freeport-McMoran had a return on equity of 13.35% and a net margin of 6.20%. The business had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.06 billion. During the same period in the previous year, the company posted $0.13 earnings per share. The business’s revenue for the quarter was up 11.2% on a year-over-year basis.
In other Freeport-McMoran news, COO Harry M. Iv Conger purchased 36,180 shares of the stock in a transaction that occurred on Thursday, September 7th. The stock was purchased at an average cost of $15.23 per share, with a total value of $551,021.40. Following the completion of the acquisition, the chief operating officer now directly owns 73,943 shares of the company’s stock, valued at approximately $1,126,151.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.29% of the company’s stock.
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A number of research analysts have recently commented on the stock. Zacks Investment Research cut shares of Freeport-McMoran from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. Jefferies Group LLC restated a “buy” rating and issued a $18.00 price target on shares of Freeport-McMoran in a report on Thursday, July 27th. Macquarie assumed coverage on shares of Freeport-McMoran in a report on Thursday, September 7th. They issued a “neutral” rating and a $16.00 price target on the stock. FBR & Co reiterated a “neutral” rating and set a $12.00 target price (down from $13.00) on shares of Freeport-McMoran in a report on Thursday, September 14th. Finally, UBS AG increased their target price on shares of Freeport-McMoran from $13.50 to $14.00 and gave the stock a “neutral” rating in a report on Monday. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $15.54.
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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