American International Group Inc. cut its holdings in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 12.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 401,174 shares of the natural resource company’s stock after selling 56,990 shares during the period. American International Group Inc.’s holdings in Freeport-McMoran were worth $5,632,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in FCX. Vanguard Group Inc. raised its holdings in Freeport-McMoran by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock worth $1,675,425,000 after buying an additional 6,510,840 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Freeport-McMoran by 18.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 24,292,902 shares of the natural resource company’s stock worth $341,073,000 after acquiring an additional 3,724,271 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Freeport-McMoran by 8.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 11,521,016 shares of the natural resource company’s stock worth $138,385,000 after acquiring an additional 944,896 shares in the last quarter. TIAA CREF Investment Management LLC grew its stake in shares of Freeport-McMoran by 18.8% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 8,810,911 shares of the natural resource company’s stock worth $105,819,000 after acquiring an additional 1,391,459 shares in the last quarter. Finally, BT Investment Management Ltd grew its stake in shares of Freeport-McMoran by 6.4% during the 3rd quarter. BT Investment Management Ltd now owns 8,402,905 shares of the natural resource company’s stock worth $118,048,000 after acquiring an additional 507,722 shares in the last quarter. Institutional investors own 68.12% of the company’s stock.
Several equities analysts have recently weighed in on the stock. B. Riley reaffirmed a “neutral” rating on shares of Freeport-McMoran in a research note on Wednesday, November 1st. Raymond James Financial assumed coverage on shares of Freeport-McMoran in a research note on Tuesday, August 15th. They set a “market perform” rating and a $15.00 price target for the company. BidaskClub raised shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a research note on Thursday, August 24th. Royal Bank Of Canada set a $14.00 price target on shares of Freeport-McMoran and gave the stock a “hold” rating in a research note on Wednesday, October 11th. Finally, FBR & Co reaffirmed a “neutral” rating and set a $12.00 price target (down from $13.00) on shares of Freeport-McMoran in a research note on Thursday, September 14th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $15.54.
Shares of Freeport-McMoran, Inc. (NYSE FCX) opened at $14.11 on Monday. Freeport-McMoran, Inc. has a twelve month low of $11.05 and a twelve month high of $17.06. The company has a current ratio of 2.02, a quick ratio of 1.32 and a debt-to-equity ratio of 1.23. The firm has a market capitalization of $20,425.49, a price-to-earnings ratio of 15.51 and a beta of 2.56.
Freeport-McMoran (NYSE:FCX) last posted its earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share 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 company had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.06 billion. During the same quarter last year, the firm earned $0.13 earnings per share. The company’s revenue was up 11.2% on a year-over-year basis. research analysts forecast that Freeport-McMoran, Inc. will post 1.07 EPS for the current fiscal year.
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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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