Freeport-McMoran, Inc. (FCX) Holdings Boosted by Eaton Vance Management
Eaton Vance Management grew its position in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 24.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 200,120 shares of the natural resource company’s stock after buying an additional 39,323 shares during the quarter. Eaton Vance Management’s holdings in Freeport-McMoran were worth $2,403,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also recently bought and sold shares of the company. First Manhattan Co. raised its holdings in shares of 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. M Holdings Securities Inc. raised its holdings in shares of Freeport-McMoran by 1.1% in the 1st quarter. M Holdings Securities Inc. now owns 14,396 shares of the natural resource company’s stock worth $192,000 after purchasing an additional 150 shares during the period. Sii Investments Inc. WI raised its holdings in shares of Freeport-McMoran by 2.3% in the 1st quarter. Sii Investments Inc. WI now owns 13,643 shares of the natural resource company’s stock worth $182,000 after purchasing an additional 305 shares during the period. Sprott Inc. raised its holdings in shares of Freeport-McMoran by 2.6% in the 1st quarter. Sprott Inc. now owns 14,777 shares of the natural resource company’s stock worth $197,000 after purchasing an additional 375 shares during the period. Finally, Advantage Investment Management LLC raised its holdings in shares of 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. 67.94% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms recently commented on FCX. Jefferies Group LLC set a $18.00 price target on shares of Freeport-McMoran and gave the stock a “buy” rating in a report on Monday, August 28th. Vertical Research reiterated a “buy” rating and issued a $20.00 price objective on shares of Freeport-McMoran in a research note on Tuesday, August 29th. BidaskClub upgraded shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a research note on Thursday, August 24th. Stifel Nicolaus set a $15.00 price objective on shares of Freeport-McMoran and gave the company a “hold” rating in a research note on Tuesday, August 29th. Finally, Berenberg Bank reiterated a “sell” rating and issued a $10.40 price objective on shares of Freeport-McMoran in a research note on Tuesday, September 5th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Freeport-McMoran has a consensus rating of “Hold” and a consensus price target of $15.51.
In related news, COO Harry M. Iv Conger acquired 36,180 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The stock was bought at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the acquisition, the chief operating officer now directly owns 73,943 shares of the company’s stock, valued at approximately $1,126,151.89. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.40% of the company’s stock.
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Freeport-McMoran, Inc. (NYSE FCX) opened at 14.13 on Tuesday. Freeport-McMoran, Inc. has a 12 month low of $9.24 and a 12 month high of $17.06. The stock has a market cap of $20.45 billion, a PE ratio of 19.93 and a beta of 2.57. The company’s 50 day moving average is $14.58 and its 200 day moving average is $12.97.
Freeport-McMoran (NYSE:FCX) last announced its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.04). Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The company had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.67 billion. During the same quarter in the previous year, the business earned ($0.02) EPS. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, analysts anticipate that Freeport-McMoran, Inc. will post $0.95 EPS for the current fiscal year.
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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