Public Employees Retirement System of Ohio trimmed its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 8.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 538,982 shares of the natural resource company’s stock after selling 46,663 shares during the period. Public Employees Retirement System of Ohio’s holdings in Freeport-McMoRan were worth $6,236,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Almanack Investment Partners LLC. lifted its position in shares of Freeport-McMoRan by 5.3% in the 2nd quarter. Almanack Investment Partners LLC. now owns 13,975 shares of the natural resource company’s stock valued at $162,000 after acquiring an additional 698 shares in the last quarter. Highland Capital Management LLC increased its position in Freeport-McMoRan by 0.5% in the 2nd quarter. Highland Capital Management LLC now owns 203,273 shares of the natural resource company’s stock worth $2,352,000 after purchasing an additional 1,000 shares during the last quarter. Legacy Capital Partners Inc. raised its stake in shares of Freeport-McMoRan by 2.7% during the 2nd quarter. Legacy Capital Partners Inc. now owns 42,420 shares of the natural resource company’s stock worth $491,000 after purchasing an additional 1,100 shares in the last quarter. Quilter Plc raised its stake in shares of Freeport-McMoRan by 10.1% during the 1st quarter. Quilter Plc now owns 12,221 shares of the natural resource company’s stock worth $82,000 after purchasing an additional 1,123 shares in the last quarter. Finally, IFP Advisors Inc lifted its holdings in shares of Freeport-McMoRan by 15.8% during the 2nd quarter. IFP Advisors Inc now owns 8,454 shares of the natural resource company’s stock valued at $93,000 after buying an additional 1,156 shares during the last quarter. 69.59% of the stock is owned by institutional investors and hedge funds.
FCX has been the topic of several recent research reports. Bank of America raised their price objective on shares of Freeport-McMoRan from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Barclays downgraded shares of Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and set a $14.00 price target on the stock. in a report on Monday, July 20th. They noted that the move was a valuation call. Raymond James set a $13.50 price objective on shares of Freeport-McMoRan and gave the stock a “market perform” rating in a report on Friday, July 24th. BMO Capital Markets increased their target price on shares of Freeport-McMoRan from $15.00 to $17.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Finally, Royal Bank of Canada reaffirmed a “hold” rating on shares of Freeport-McMoRan in a research report on Thursday, July 9th. Eight equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $14.03.
Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, July 23rd. The natural resource company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.06. Freeport-McMoRan had a negative net margin of 4.28% and a negative return on equity of 0.98%. The business had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.06 billion. During the same quarter last year, the company posted ($0.04) EPS. The firm’s revenue for the quarter was down 13.9% on a year-over-year basis. On average, research analysts anticipate that Freeport-McMoRan Inc will post 0.33 earnings per share for the current year.
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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