Natixis Advisors L.P. boosted its holdings in shares of Freeport-McMoRan Inc (NYSE:FCX) by 9.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 545,118 shares of the natural resource company’s stock after purchasing an additional 45,545 shares during the quarter. Natixis Advisors L.P.’s holdings in Freeport-McMoRan were worth $6,329,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. TCG Advisors LP acquired a new stake in Freeport-McMoRan during the first quarter valued at approximately $33,000. Rational Advisors LLC increased its holdings in shares of Freeport-McMoRan by 107.0% in the 2nd quarter. Rational Advisors LLC now owns 3,261 shares of the natural resource company’s stock valued at $38,000 after acquiring an additional 1,686 shares during the last quarter. Bremer Bank National Association acquired a new stake in shares of Freeport-McMoRan during the 1st quarter valued at approximately $53,000. Valeo Financial Advisors LLC raised its position in shares of Freeport-McMoRan by 92.3% during the 2nd quarter. Valeo Financial Advisors LLC now owns 4,684 shares of the natural resource company’s stock valued at $54,000 after acquiring an additional 2,248 shares in the last quarter. Finally, Glassman Wealth Services lifted its stake in Freeport-McMoRan by 5,990.1% during the first quarter. Glassman Wealth Services now owns 5,542 shares of the natural resource company’s stock worth $71,000 after purchasing an additional 5,451 shares during the last quarter. 72.71% of the stock is currently owned by institutional investors.
FCX has been the subject of several recent research reports. UBS Group set a $13.00 target price on shares of Freeport-McMoRan and gave the company a “hold” rating in a research note on Wednesday, June 26th. JPMorgan Chase & Co. reduced their price target on shares of Freeport-McMoRan from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 9th. Raymond James reaffirmed a “market perform” rating and issued a $13.00 price target on shares of Freeport-McMoRan in a report on Thursday, July 25th. ValuEngine raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th. Finally, Barclays upgraded shares of Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and set a $12.00 price objective on the stock in a research note on Tuesday, July 16th. Ten investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $13.88.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.54 billion. Freeport-McMoRan had a net margin of 4.11% and a return on equity of 4.08%. Freeport-McMoRan’s quarterly revenue was down 31.4% compared to the same quarter last year. During the same period last year, the firm posted $0.59 EPS. On average, equities analysts anticipate that Freeport-McMoRan Inc will post 0.15 earnings per share for the current year.
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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