Sumitomo Mitsui Trust Holdings Inc. Sells 1,157,972 Shares of Freeport-McMoRan Inc. (FCX)
Sumitomo Mitsui Trust Holdings Inc. reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 26.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,281,671 shares of the natural resource company’s stock after selling 1,157,972 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.26% of Freeport-McMoRan worth $36,558,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in FCX. State Street Corp raised its position in shares of Freeport-McMoRan by 9.0% in the first quarter. State Street Corp now owns 56,340,333 shares of the natural resource company’s stock worth $582,563,000 after buying an additional 4,668,125 shares during the period. Credit Agricole S A raised its position in shares of Freeport-McMoRan by 190.9% in the first quarter. Credit Agricole S A now owns 3,374,211 shares of the natural resource company’s stock worth $34,889,000 after buying an additional 2,214,169 shares during the period. Euclid Advisors LLC acquired a new position in shares of Freeport-McMoRan during the first quarter worth about $18,203,000. Geode Capital Management LLC raised its position in shares of Freeport-McMoRan by 11.3% in the first quarter. Geode Capital Management LLC now owns 10,230,429 shares of the natural resource company’s stock worth $105,573,000 after buying an additional 1,034,663 shares during the period. Finally, Canada Pension Plan Investment Board raised its position in shares of Freeport-McMoRan by 320.2% in the first quarter. Canada Pension Plan Investment Board now owns 1,124,890 shares of the natural resource company’s stock worth $11,631,000 after buying an additional 857,200 shares during the period. Institutional investors and hedge funds own 67.74% of the company’s stock.
Shares of Freeport-McMoRan Inc. (NYSE:FCX) traded up 3.09% during trading on Wednesday, reaching $10.02. The company had a trading volume of 34,129,994 shares. The firm has a 50-day moving average of $10.31 and a 200 day moving average of $11.19. The firm’s market capitalization is $13.31 billion. Freeport-McMoRan Inc. has a 52 week low of $3.52 and a 52 week high of $14.06.
Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.01) by $0.01. The firm had revenue of $3.33 billion for the quarter, compared to analysts’ expectations of $3.70 billion. Freeport-McMoRan had a negative return on equity of 3.68% and a negative net margin of 87.70%. The firm’s revenue for the quarter was down 15.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.14 earnings per share. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post $0.45 earnings per share for the current year.
FCX has been the topic of a number of recent analyst reports. Macquarie reiterated a “neutral” rating and set a $10.00 target price on shares of Freeport-McMoRan in a research report on Tuesday, June 21st. HSBC reissued a “buy” rating on shares of Freeport-McMoRan in a research note on Thursday, July 7th. Vetr downgraded Freeport-McMoRan from a “strong-buy” rating to a “buy” rating and set a $14.27 price objective for the company. in a research note on Tuesday, July 12th. Jefferies Group reissued a “buy” rating and issued a $15.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, July 14th. Finally, FBR & Co reduced their price objective on Freeport-McMoRan from $11.00 to $9.00 and set a “mkt perform” rating for the company in a research note on Wednesday, July 20th. Six research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. Freeport-McMoRan currently has an average rating of “Hold” and an average target price of $10.42.
Freeport-McMoRan Company Profile
Freeport-McMoRan Inc (FCX) is a natural resource company with a portfolio of mineral assets, and oil and natural gas resources. The Company’s segments include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining operations and the U.S. Oil & Gas Operations. It has organized its operations into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines.
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