Teachers Advisors LLC Has $58.33 Million Position in Freeport-McMoran, Inc. (FCX)
Teachers Advisors LLC increased its holdings in Freeport-McMoran, Inc. (NYSE:FCX) by 6.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,856,679 shares of the natural resource company’s stock after purchasing an additional 273,965 shares during the quarter. Teachers Advisors LLC owned 0.34% of Freeport-McMoran worth $58,329,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Acrospire Investment Management LLC acquired a new position in Freeport-McMoran in the 1st quarter worth about $122,000. Advantage Investment Management LLC raised its holdings in Freeport-McMoran by 5.6% in the 1st quarter. Advantage Investment Management LLC now owns 9,402 shares of the natural resource company’s stock worth $126,000 after purchasing an additional 500 shares during the period. First Manhattan Co. raised its holdings in Freeport-McMoran by 0.3% in the 2nd quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock worth $120,000 after purchasing an additional 33 shares during the period. Outfitter Advisors LTD. acquired a new position in Freeport-McMoran in the 2nd quarter worth about $121,000. Finally, Fisher Asset Management LLC acquired a new position in Freeport-McMoran in the 2nd quarter worth about $122,000. 67.95% of the stock is owned by institutional investors.
In related news, COO Harry M. Iv Conger acquired 36,180 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The stock was purchased at an average cost of $15.23 per share, for a total transaction of $551,021.40. Following the transaction, the chief operating officer now directly owns 73,943 shares of the company’s stock, valued at approximately $1,126,151.89. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 1.40% of the company’s stock.
A number of 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 reaffirmed a “buy” rating and issued a $18.00 price target on shares of Freeport-McMoran in a report on Thursday, July 27th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $13.00 price target (down previously from $14.00) on shares of Freeport-McMoran in a report on Sunday, June 25th. Macquarie began coverage on Freeport-McMoran in a report on Thursday, September 7th. They issued a “neutral” rating and a $16.00 price target for the company. Finally, BidaskClub raised Freeport-McMoran from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 27th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $15.51.
Shares of Freeport-McMoran, Inc. (NYSE FCX) opened at 13.88 on Friday. Freeport-McMoran, Inc. has a 12-month low of $9.24 and a 12-month high of $17.06. The company has a 50 day moving average price of $14.59 and a 200 day moving average price of $12.97. The firm has a market cap of $20.09 billion, a PE ratio of 19.58 and a beta of 2.57.
Freeport-McMoran (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by ($0.04). Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The company had revenue of $3.71 billion for the quarter, compared to analyst estimates of $3.67 billion. During the same quarter in the prior year, the firm earned ($0.02) earnings per share. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, analysts forecast that Freeport-McMoran, Inc. will post $0.94 earnings per share for the current fiscal year.
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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