Freeport-McMoran, Inc. (FCX) Position Held by First City Capital Management Inc.
First City Capital Management Inc. continued to hold its stake in Freeport-McMoran, Inc. (NYSE:FCX) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,500 shares of the natural resource company’s stock at the end of the second quarter. First City Capital Management Inc.’s holdings in Freeport-McMoran were worth $138,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. increased its position in Freeport-McMoran by 4.9% in the 2nd quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock worth $1,675,425,000 after purchasing an additional 6,510,840 shares during the last quarter. State Street Corp lifted its holdings in shares of Freeport-McMoran by 4.6% during the 1st quarter. State Street Corp now owns 64,979,781 shares of the natural resource company’s stock valued at $868,135,000 after buying an additional 2,835,834 shares during the last quarter. FMR LLC lifted its holdings in shares of Freeport-McMoran by 104.4% during the 1st quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock valued at $566,451,000 after buying an additional 21,652,647 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Freeport-McMoran by 39.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock valued at $247,029,000 after buying an additional 5,810,712 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Freeport-McMoran by 14.7% during the 1st quarter. Geode Capital Management LLC now owns 12,966,422 shares of the natural resource company’s stock valued at $172,986,000 after buying an additional 1,664,093 shares during the last quarter. Hedge funds and other institutional investors own 67.94% of the company’s stock.
Shares of Freeport-McMoran, Inc. (NYSE FCX) traded up 0.107% on Monday, hitting $14.055. The company had a trading volume of 5,026,011 shares. 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. The company has a market capitalization of $20.34 billion, a P/E ratio of 19.824 and a beta of 2.54.
Freeport-McMoran (NYSE:FCX) last released its earnings results 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 company posted ($0.02) earnings per share. The business’s revenue was up 11.3% compared to the same quarter last year. Equities analysts expect that Freeport-McMoran, Inc. will post $0.95 EPS for the current year.
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FCX has been the subject of a number of analyst reports. Zacks Investment Research cut shares of Freeport-McMoran from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. Jefferies Group LLC restated a “buy” rating and set a $18.00 price target on shares of Freeport-McMoran in a research note on Thursday, July 27th. Deutsche Bank AG restated a “hold” rating and set a $13.00 price target (down previously from $14.00) on shares of Freeport-McMoran in a report on Sunday, June 25th. Macquarie assumed coverage on shares of Freeport-McMoran in a research note on Thursday, September 7th. They issued a “neutral” rating and a $16.00 price objective for the company. Finally, BidaskClub raised shares of Freeport-McMoran from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $15.51.
In other news, COO Harry M. Iv Conger acquired 36,180 shares of Freeport-McMoran stock in a transaction on Thursday, September 7th. The shares were purchased at an average cost of $15.23 per share, for a total transaction of $551,021.40. Following the completion of the purchase, 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 document filed with the SEC, which is accessible through this link. Corporate insiders own 1.29% 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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