Canada Pension Plan Investment Board Continues to Hold Position in Freeport-McMoran, Inc. (FCX)
Canada Pension Plan Investment Board held its stake in Freeport-McMoran, Inc. (NYSE:FCX) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,124,890 shares of the natural resource company’s stock at the end of the second quarter. Canada Pension Plan Investment Board owned 0.08% of Freeport-McMoran worth $13,510,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the company. Acrospire Investment Management LLC purchased a new stake in Freeport-McMoran during the first quarter worth $122,000. Advantage Investment Management LLC increased its stake in Freeport-McMoran by 5.6% in the first quarter. Advantage Investment Management LLC now owns 9,402 shares of the natural resource company’s stock worth $126,000 after buying an additional 500 shares during the period. Atria Investments LLC purchased a new stake in Freeport-McMoran during the first quarter worth $134,000. Leavell Investment Management Inc. purchased a new stake in Freeport-McMoran during the first quarter worth $134,000. Finally, First Manhattan Co. increased its stake in Freeport-McMoran by 0.3% in the second quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock worth $120,000 after buying an additional 33 shares during the period. Hedge funds and other institutional investors own 69.94% of the company’s stock.
Shares of Freeport-McMoran, Inc. (NYSE:FCX) opened at 14.77 on Thursday. The firm has a market capitalization of $21.38 billion, a P/E ratio of 20.83 and a beta of 2.59. The firm’s 50-day moving average is $13.45 and its 200 day moving average is $13.04. Freeport-McMoran, Inc. has a 52 week low of $9.24 and a 52 week high of $17.06.
Freeport-McMoran (NYSE:FCX) last posted its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by $0.04. The firm had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.67 billion. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.02) earnings per share. Equities research analysts forecast that Freeport-McMoran, Inc. will post $0.89 EPS for the current fiscal year.
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A number of equities research analysts have weighed in on the company. Raymond James Financial, Inc. assumed coverage on Freeport-McMoran in a research report on Tuesday. They issued a “market perform” rating and a $15.00 target price for the company. FBR & Co restated a “market perform” rating and issued a $13.00 target price (up from $12.00) on shares of Freeport-McMoran in a research report on Thursday, July 27th. Jefferies Group LLC restated a “buy” rating and issued a $18.00 target price on shares of Freeport-McMoran in a research report on Thursday, July 27th. Zacks Investment Research upgraded Freeport-McMoran from a “sell” rating to a “hold” rating in a research report on Friday, July 28th. Finally, Berenberg Bank set a $10.00 target price on Freeport-McMoran and gave the stock a “sell” rating in a research report on Friday, July 28th. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $14.32.
Freeport-McMoran Company Profile
Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.
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