UBS Oconnor LLC Grows Position in Freeport-McMoran, Inc. (FCX)
UBS Oconnor LLC increased its position in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 122.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 113,900 shares of the natural resource company’s stock after purchasing an additional 613,900 shares during the period. UBS Oconnor LLC’s holdings in Freeport-McMoran were worth $1,368,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently added to or reduced their stakes in FCX. First Manhattan Co. grew its position in shares of Freeport-McMoran by 0.3% during 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 in the last quarter. Outfitter Advisors LTD. bought a new position in shares of Freeport-McMoran during the second quarter worth approximately $121,000. Fisher Asset Management LLC bought a new position in shares of Freeport-McMoran during the second quarter worth approximately $122,000. Partnervest Advisory Services LLC bought a new position in shares of Freeport-McMoran during the second quarter worth approximately $123,000. Finally, United Asset Strategies Inc. bought a new position in shares of Freeport-McMoran during the second quarter worth approximately $127,000. 67.94% of the stock is owned by institutional investors and hedge funds.
Freeport-McMoran, Inc. (FCX) traded up 0.49% during trading on Tuesday, hitting $14.41. 869,009 shares of the stock were exchanged. Freeport-McMoran, Inc. has a 52 week low of $9.24 and a 52 week high of $17.06. The stock has a 50 day moving average of $14.50 and a 200-day moving average of $13.08. The stock has a market cap of $20.86 billion, a P/E ratio of 20.32 and a beta of 2.54.
Freeport-McMoran (NYSE:FCX) last posted its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 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 during the quarter, compared to analysts’ expectations of $3.67 billion. During the same period in the prior year, the business posted ($0.02) earnings per share. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. Equities analysts expect that Freeport-McMoran, Inc. will post $0.95 EPS for the current fiscal year.
In related news, COO Harry M. Iv Conger purchased 36,180 shares of Freeport-McMoran stock in a transaction that occurred on Thursday, September 7th. The shares were bought at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the completion of the transaction, the chief operating officer now directly owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.29% of the company’s stock.
FCX has been the subject of a number of analyst reports. Jefferies Group LLC set a $15.00 price target on shares of Freeport-McMoran and gave the company a “buy” rating in a research report on Monday, July 10th. ValuEngine raised Freeport-McMoran from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Vertical Research restated a “buy” rating and set a $20.00 price objective on shares of Freeport-McMoran in a research note on Tuesday, August 29th. BidaskClub upgraded Freeport-McMoran from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $13.00 price objective (down from $14.00) on shares of Freeport-McMoran in a report on Sunday, June 25th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $15.51.
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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