Cornerstone Financial Partners LLC Has $811,000 Stake in Freeport-McMoran, Inc. (FCX)

Cornerstone Financial Partners LLC reduced its holdings in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 47.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,941 shares of the natural resource company’s stock after selling 51,614 shares during the quarter. Cornerstone Financial Partners LLC’s holdings in Freeport-McMoran were worth $811,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. IHT Wealth Management LLC grew its holdings in shares of Freeport-McMoran by 27.1% during the second quarter. IHT Wealth Management LLC now owns 1,758 shares of the natural resource company’s stock valued at $843,000 after buying an additional 375 shares during the last quarter. Sun Life Financial INC grew its holdings in shares of Freeport-McMoran by 96,340.0% during the second quarter. Sun Life Financial INC now owns 9,644 shares of the natural resource company’s stock valued at $116,000 after buying an additional 9,634 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Freeport-McMoran during the third quarter valued at about $140,000. First Manhattan Co. grew its holdings in shares of Freeport-McMoran by 0.3% during the second quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock valued at $120,000 after buying an additional 33 shares during the last quarter. Finally, Outfitter Advisors LTD. acquired a new position in shares of Freeport-McMoran during the second quarter valued at about $121,000. Hedge funds and other institutional investors own 69.68% of the company’s stock.

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In related news, COO Harry M. Iv Conger acquired 36,180 shares of the stock in a transaction on Thursday, September 7th. The shares were acquired at an average price of $15.23 per share, with a total value of $551,021.40. Following the completion of the transaction, the chief operating officer now owns 73,943 shares in the company, valued at approximately $1,126,151.89. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.29% of the company’s stock.

A number of research analysts recently weighed in on FCX shares. Vertical Research reissued a “buy” rating and set a $20.00 price target on shares of Freeport-McMoran in a research report on Tuesday, August 29th. Jefferies Group LLC set a $18.00 price target on shares of Freeport-McMoran and gave the company a “buy” rating in a research report on Monday, August 28th. ValuEngine raised shares of Freeport-McMoran from a “hold” rating to a “buy” rating in a research report on Thursday, August 31st. Zacks Investment Research raised shares of Freeport-McMoran from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research report on Tuesday, October 10th. Finally, Stifel Nicolaus set a $15.00 price target on shares of Freeport-McMoran and gave the company a “hold” rating in a research report on Tuesday, August 29th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $15.54.

Shares of Freeport-McMoran, Inc. (NYSE FCX) traded up $0.24 during mid-day trading on Friday, reaching $14.48. 2,676,465 shares of the company’s stock traded hands, compared to its average volume of 21,311,119. The company has a market capitalization of $20,613.68, a price-to-earnings ratio of 15.65 and a beta of 2.57. The company has a current ratio of 2.02, a quick ratio of 1.32 and a debt-to-equity ratio of 1.23. Freeport-McMoran, Inc. has a twelve month low of $11.05 and a twelve month high of $17.06.

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 consensus estimate of $0.31 by $0.03. The business had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.06 billion. Freeport-McMoran had a net margin of 6.20% and a return on equity of 13.35%. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.13 earnings per share. analysts expect that Freeport-McMoran, Inc. will post 1.07 earnings per share for the current year.

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

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