Seeyond trimmed its stake in Freeport-McMoRan Inc (NYSE:FCX) by 18.0% in the second quarter, HoldingsChannel.com reports. The firm owned 8,122 shares of the natural resource company’s stock after selling 1,778 shares during the period. Seeyond’s holdings in Freeport-McMoRan were worth $94,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. TCG Advisors LP purchased a new position in shares of Freeport-McMoRan in the 1st quarter worth approximately $33,000. Rational Advisors LLC lifted its stake in Freeport-McMoRan by 107.0% during 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 period. Bremer Bank National Association acquired a new stake in Freeport-McMoRan during the 1st quarter valued at approximately $53,000. Valeo Financial Advisors LLC lifted its stake in 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 during the period. Finally, Glassman Wealth Services lifted its stake in Freeport-McMoRan by 5,990.1% during the 1st quarter. Glassman Wealth Services now owns 5,542 shares of the natural resource company’s stock valued at $71,000 after acquiring an additional 5,451 shares during the period. Institutional investors and hedge funds own 72.50% of the company’s stock.
Several equities research analysts recently commented on FCX shares. Royal Bank of Canada raised shares of Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and boosted their price target for the stock from $12.00 to $14.00 in a report on Wednesday, July 24th. Deutsche Bank raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their price objective for the company from $12.50 to $13.50 in a report on Wednesday, July 10th. JPMorgan Chase & Co. dropped their price objective on shares of Freeport-McMoRan from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Tuesday, July 9th. Barclays raised shares of Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and set a $12.00 price target on the stock in a research report on Tuesday, July 16th. Finally, UBS Group set a $13.00 target price on shares of Freeport-McMoRan and gave the company a “hold” rating in a report on Wednesday, June 26th. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Freeport-McMoRan has an average rating of “Hold” and a consensus target price of $13.79.
Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.01. Freeport-McMoRan had a return on equity of 4.08% and a net margin of 4.11%. The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.54 billion. During the same period in the prior year, the company posted $0.59 EPS. Freeport-McMoRan’s quarterly revenue was down 31.4% on a year-over-year basis. On average, analysts expect that Freeport-McMoRan Inc will post 0.15 EPS for the current fiscal 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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