Korea Investment CORP raised its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 5.7% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,021,487 shares of the natural resource company’s stock after buying an additional 55,468 shares during the period. Korea Investment CORP owned 0.07% of Freeport-McMoran worth $12,268,000 as of its most recent filing with the SEC.
Several other hedge funds have also bought and sold shares of the stock. State of Alaska Department of Revenue purchased a new position in shares of Freeport-McMoran during the first quarter valued at about $222,000. Bank of New York Mellon Corp boosted its position in shares of Freeport-McMoran by 46.2% in the first quarter. Bank of New York Mellon Corp now owns 14,757,919 shares of the natural resource company’s stock valued at $197,166,000 after buying an additional 4,662,665 shares in the last quarter. Parkwood LLC boosted its position in shares of Freeport-McMoran by 380.3% in the first quarter. Parkwood LLC now owns 80,541 shares of the natural resource company’s stock valued at $1,076,000 after buying an additional 63,773 shares in the last quarter. ARP Americas LLC purchased a new position in shares of Freeport-McMoran during the first quarter valued at about $150,000. Finally, Vanguard Group Inc. increased its position in Freeport-McMoran by 10.7% in the first quarter. Vanguard Group Inc. now owns 132,991,679 shares of the natural resource company’s stock valued at $1,776,769,000 after buying an additional 12,897,514 shares during the last quarter. 69.45% of the stock is owned by institutional investors and hedge funds.
Freeport-McMoran, Inc. (NYSE:FCX) opened at 14.70 on Tuesday. Freeport-McMoran, Inc. has a 12-month low of $9.24 and a 12-month high of $17.06. The stock’s 50 day moving average price is $12.60 and its 200 day moving average price is $13.12. The company has a market capitalization of $21.27 billion, a price-to-earnings ratio of 20.73 and a beta of 2.59.
Freeport-McMoran (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.21 by $0.04. The business had revenue of $3.71 billion for 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 firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.02) EPS. On average, equities research analysts anticipate that Freeport-McMoran, Inc. will post $0.87 earnings per share for the current fiscal year.
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A number of equities research analysts have recently commented on the company. Zacks Investment Research downgraded Freeport-McMoran from a “hold” rating to a “sell” rating in a research report on Wednesday, July 5th. Jefferies Group LLC reissued a “buy” rating and set a $18.00 price target on shares of Freeport-McMoran in a research report on Thursday, July 27th. Deutsche Bank AG reissued a “hold” rating and set a $13.00 price target (down previously from $14.00) on shares of Freeport-McMoran in a research report on Sunday, June 25th. BidaskClub raised Freeport-McMoran from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. Finally, Vetr cut Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $14.50 price objective on the stock. in a research note on Tuesday, April 25th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $14.27.
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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