Freeport-McMoran, Inc. (FCX) Shares Sold by Engineers Gate Manager LP
Engineers Gate Manager LP cut its holdings in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 90.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 13,061 shares of the natural resource company’s stock after selling 119,877 shares during the period. Engineers Gate Manager LP’s holdings in Freeport-McMoran were worth $157,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also bought and sold shares of the company. First Manhattan Co. increased its stake in shares of Freeport-McMoran by 0.3% during the second quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock valued at $120,000 after buying an additional 33 shares during the period. M Holdings Securities Inc. increased its stake in shares of Freeport-McMoran by 1.1% during the first quarter. M Holdings Securities Inc. now owns 14,396 shares of the natural resource company’s stock valued at $192,000 after buying an additional 150 shares during the period. Sii Investments Inc. WI increased its stake in shares of Freeport-McMoran by 2.3% during the first quarter. Sii Investments Inc. WI now owns 13,643 shares of the natural resource company’s stock valued at $182,000 after buying an additional 305 shares during the period. Sprott Inc. increased its stake in shares of Freeport-McMoran by 2.6% during the first quarter. Sprott Inc. now owns 14,777 shares of the natural resource company’s stock valued at $197,000 after buying an additional 375 shares during the period. Finally, Advantage Investment Management LLC increased its stake in shares of Freeport-McMoran by 5.6% during the first quarter. Advantage Investment Management LLC now owns 9,402 shares of the natural resource company’s stock valued at $126,000 after buying an additional 500 shares during the period. 67.94% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have recently issued reports on FCX shares. Jefferies Group LLC set a $18.00 target price on Freeport-McMoran and gave the company a “buy” rating in a research note on Monday, August 28th. Berenberg Bank reissued a “sell” rating and set a $10.40 target price on shares of Freeport-McMoran in a research note on Tuesday, September 5th. Zacks Investment Research cut Freeport-McMoran from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. ValuEngine raised Freeport-McMoran from a “hold” rating to a “buy” rating in a research note on Thursday, August 31st. Finally, BMO Capital Markets set a $17.00 target price on Freeport-McMoran and gave the company a “hold” rating in a research note on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $15.51.
Shares of Freeport-McMoran, Inc. (NYSE FCX) opened at 14.48 on Wednesday. The company has a market capitalization of $20.96 billion, a P/E ratio of 20.42 and a beta of 2.57. Freeport-McMoran, Inc. has a 12-month low of $9.24 and a 12-month high of $17.06. The firm has a 50-day moving average price of $14.57 and a 200 day moving average price of $12.98. Freeport-McMoran also was the target of some unusual options trading on Monday. Investors purchased 59,805 call options on the company. This represents an increase of 168% compared to the average volume of 22,335 call options.
Freeport-McMoran (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate 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 during the quarter, compared to analysts’ expectations of $3.67 billion. During the same quarter in the prior year, the business posted ($0.02) earnings per share. The company’s revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts predict that Freeport-McMoran, Inc. will post $0.95 earnings per share for the current year.
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In related news, COO Harry M. Iv Conger purchased 36,180 shares of the business’s stock in a transaction dated Thursday, September 7th. The shares were acquired at an average cost of $15.23 per share, for a total transaction of $551,021.40. Following the acquisition, the chief operating officer now owns 73,943 shares of the company’s stock, valued at approximately $1,126,151.89. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.40% of the company’s stock.
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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