GWM Advisors LLC grew its holdings in Freeport-McMoRan Inc (NYSE:FCX) by 20.0% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 66,903 shares of the natural resource company’s stock after acquiring an additional 11,150 shares during the period. GWM Advisors LLC’s holdings in Freeport-McMoRan were worth $862,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc raised its position in shares of Freeport-McMoRan by 3.6% in the 3rd quarter. Vanguard Group Inc now owns 154,818,850 shares of the natural resource company’s stock worth $2,155,078,000 after acquiring an additional 5,375,340 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Freeport-McMoRan by 4.7% in the 4th quarter. Geode Capital Management LLC now owns 21,269,503 shares of the natural resource company’s stock worth $218,954,000 after acquiring an additional 959,745 shares in the last quarter. Northern Trust Corp raised its position in shares of Freeport-McMoRan by 0.5% in the 1st quarter. Northern Trust Corp now owns 20,644,052 shares of the natural resource company’s stock worth $266,103,000 after acquiring an additional 93,686 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Freeport-McMoRan by 10.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 16,669,511 shares of the natural resource company’s stock worth $214,858,000 after acquiring an additional 1,520,005 shares in the last quarter. Finally, Iridian Asset Management LLC CT raised its position in shares of Freeport-McMoRan by 5.3% in the 4th quarter. Iridian Asset Management LLC CT now owns 8,064,809 shares of the natural resource company’s stock worth $83,148,000 after acquiring an additional 402,606 shares in the last quarter. Institutional investors and hedge funds own 72.55% of the company’s stock.
Several research analysts have recently issued reports on FCX shares. Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their target price for the stock from $14.00 to $16.00 in a research report on Tuesday, February 19th. UBS Group set a $14.00 target price on Freeport-McMoRan and gave the stock a “hold” rating in a research report on Friday, April 5th. Zacks Investment Research raised Freeport-McMoRan from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 14th. Barclays increased their target price on Freeport-McMoRan from $11.00 to $12.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 9th. Finally, BMO Capital Markets set a $14.00 target price on Freeport-McMoRan and gave the stock a “hold” rating in a research report on Friday, April 26th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $15.01.
FCX stock opened at $10.74 on Friday. Freeport-McMoRan Inc has a twelve month low of $9.47 and a twelve month high of $18.14. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.79 and a quick ratio of 1.41. The company has a market cap of $15.36 billion, a P/E ratio of 7.07 and a beta of 2.27.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, April 25th. The natural resource company reported $0.05 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.03). Freeport-McMoRan had a net margin of 9.09% and a return on equity of 10.31%. The company had revenue of $3.79 billion for the quarter, compared to the consensus estimate of $3.77 billion. During the same period last year, the business earned $0.46 EPS. The firm’s quarterly revenue was down 22.1% on a year-over-year basis. Equities research analysts forecast that Freeport-McMoRan Inc will post 0.4 earnings per share for the current fiscal year.
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Freeport-McMoRan Company Profile
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
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