Quantitative Systematic Strategies LLC purchased a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 14,400 shares of the natural resource company’s stock, valued at approximately $225,000.
Several other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Freeport-McMoRan by 0.7% during the 2nd quarter. Vanguard Group Inc. now owns 160,397,605 shares of the natural resource company’s stock worth $1,855,800,000 after acquiring an additional 1,051,623 shares during the period. Fisher Asset Management LLC grew its holdings in shares of Freeport-McMoRan by 3.4% during the 2nd quarter. Fisher Asset Management LLC now owns 39,587,723 shares of the natural resource company’s stock worth $458,030,000 after acquiring an additional 1,315,287 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Freeport-McMoRan by 15.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 26,224,564 shares of the natural resource company’s stock worth $303,417,000 after acquiring an additional 3,576,327 shares during the period. Nuveen Asset Management LLC grew its holdings in shares of Freeport-McMoRan by 61.1% during the 2nd quarter. Nuveen Asset Management LLC now owns 11,163,448 shares of the natural resource company’s stock worth $129,161,000 after acquiring an additional 4,232,334 shares during the period. Finally, FMR LLC grew its holdings in shares of Freeport-McMoRan by 94.4% during the 2nd quarter. FMR LLC now owns 9,118,532 shares of the natural resource company’s stock worth $105,502,000 after acquiring an additional 4,427,692 shares during the period. Hedge funds and other institutional investors own 69.59% of the company’s stock.
A number of research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft upped their target price on Freeport-McMoRan from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, October 23rd. Credit Suisse Group upped their price target on Freeport-McMoRan from $14.50 to $17.00 and gave the stock a “neutral” rating in a research note on Friday, October 23rd. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $12.50 to $19.00 in a research note on Wednesday, September 23rd. Royal Bank of Canada upped their price target on Freeport-McMoRan from $16.00 to $19.00 and gave the stock a “sector perform” rating in a research note on Friday, October 23rd. They noted that the move was a valuation call. Finally, The Goldman Sachs Group assumed coverage on Freeport-McMoRan in a research note on Wednesday, November 11th. They issued a “conviction-buy” rating and a $25.00 price target on the stock. Six investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. Freeport-McMoRan currently has an average rating of “Buy” and an average price target of $17.56.
Shares of FCX opened at $21.25 on Friday. The business’s fifty day simple moving average is $18.03 and its two-hundred day simple moving average is $13.96. The company has a current ratio of 2.61, a quick ratio of 1.35 and a debt-to-equity ratio of 0.57. Freeport-McMoRan Inc. has a 12 month low of $4.82 and a 12 month high of $21.63. The company has a market cap of $30.87 billion, a price-to-earnings ratio of -236.08 and a beta of 2.23.
Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, October 22nd. The natural resource company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.08. The firm had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $3.68 billion. Freeport-McMoRan had a positive return on equity of 1.56% and a negative net margin of 0.73%. The company’s revenue was up 16.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.01 EPS. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 0.5 EPS for the current year.
In other news, VP C Donald Whitmire, Jr. sold 24,500 shares of the stock in a transaction on Wednesday, November 11th. The stock was sold at an average price of $19.42, for a total transaction of $475,790.00. Following the transaction, the vice president now directly owns 70,242 shares of the company’s stock, valued at approximately $1,364,099.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.00% of the stock is owned by corporate insiders.
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
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