Freeport-McMoran, Inc. (FCX) Position Lowered by Prudential Financial Inc.
Prudential Financial Inc. reduced its position in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 0.7% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 4,996,678 shares of the natural resource company’s stock after selling 33,576 shares during the period. Prudential Financial Inc. owned 0.35% of Freeport-McMoran worth $60,010,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. State of Alaska Department of Revenue acquired a new stake in Freeport-McMoran during the first quarter worth about $222,000. Retirement Systems of Alabama boosted its stake in Freeport-McMoran by 5.2% in the first quarter. Retirement Systems of Alabama now owns 642,778 shares of the natural resource company’s stock valued at $8,588,000 after buying an additional 31,645 shares during the last quarter. Nationwide Fund Advisors boosted its stake in Freeport-McMoran by 11.0% in the first quarter. Nationwide Fund Advisors now owns 374,251 shares of the natural resource company’s stock valued at $5,000,000 after buying an additional 36,936 shares during the last quarter. ProShare Advisors LLC boosted its stake in Freeport-McMoran by 9.0% in the first quarter. ProShare Advisors LLC now owns 232,178 shares of the natural resource company’s stock valued at $3,102,000 after buying an additional 19,181 shares during the last quarter. Finally, Glen Harbor Capital Management LLC boosted its stake in Freeport-McMoran by 6.3% in the first quarter. Glen Harbor Capital Management LLC now owns 55,896 shares of the natural resource company’s stock valued at $747,000 after buying an additional 3,332 shares during the last quarter. 67.94% of the stock is owned by institutional investors.
Shares of Freeport-McMoran, Inc. (NYSE FCX) opened at 15.29 on Monday. Freeport-McMoran, Inc. has a 12 month low of $9.24 and a 12 month high of $17.06. The company has a market cap of $22.13 billion, a price-to-earnings ratio of 21.57 and a beta of 2.59. The company’s 50-day moving average price is $13.97 and its 200-day moving average price is $12.99.
Freeport-McMoran (NYSE:FCX) last issued its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing the Zacks’ consensus estimate of $0.21 by $0.04. The company had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.67 billion. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. Freeport-McMoran’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.02) earnings per share. Analysts anticipate that Freeport-McMoran, Inc. will post $0.89 EPS for the current year.
Several research firms recently weighed in on FCX. Zacks Investment Research cut Freeport-McMoran from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. Jefferies Group LLC reissued a “buy” rating and set a $18.00 price target on shares of Freeport-McMoran in a report on Thursday, July 27th. Deutsche Bank AG reissued a “hold” rating and set a $13.00 price target (down from $14.00) on shares of Freeport-McMoran in a report on Sunday, June 25th. BidaskClub raised Freeport-McMoran from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 27th. Finally, ValuEngine cut Freeport-McMoran from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Freeport-McMoran has an average rating of “Hold” and a consensus price target of $14.32.
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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