PNC Financial Services Group Inc. Decreases Holdings in Freeport-McMoran, Inc. (FCX)
PNC Financial Services Group Inc. cut its stake in Freeport-McMoran, Inc. (NYSE:FCX) by 2.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 164,980 shares of the natural resource company’s stock after selling 4,440 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Freeport-McMoran were worth $1,980,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC lifted its position in shares of Freeport-McMoran by 104.4% in the 1st quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock worth $566,451,000 after purchasing an additional 21,652,647 shares during the period. Vanguard Group Inc. increased its position in shares of Freeport-McMoran by 10.7% during the first quarter. Vanguard Group Inc. now owns 132,991,679 shares of the natural resource company’s stock valued at $1,776,769,000 after buying an additional 12,897,514 shares during the period. BT Investment Management Ltd purchased a new position in shares of Freeport-McMoran during the second quarter valued at about $94,821,000. BlueMountain Capital Management LLC increased its position in shares of Freeport-McMoran by 100.4% during the second quarter. BlueMountain Capital Management LLC now owns 26,461 shares of the natural resource company’s stock valued at $318,000 after buying an additional 6,651,458 shares during the period. Finally, Westpac Banking Corp increased its position in shares of Freeport-McMoran by 1,493.6% during the first quarter. Westpac Banking Corp now owns 7,038,887 shares of the natural resource company’s stock valued at $102,454,000 after buying an additional 6,597,176 shares during the period. Institutional investors and hedge funds own 67.94% of the company’s stock.
In other news, COO Harry M. Iv Conger purchased 36,180 shares of the business’s stock in a transaction on Thursday, September 7th. The shares were acquired at an average cost of $15.23 per share, with a total value of $551,021.40. Following the completion of the acquisition, the chief operating officer now owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.29% of the stock is currently owned by insiders.
FCX has been the subject of a number of research reports. Raymond James Financial, Inc. initiated coverage on shares of Freeport-McMoran in a research note on Tuesday, August 15th. They issued a “market perform” rating and a $15.00 price target for the company. FBR & Co reaffirmed a “market perform” rating and set a $13.00 price objective (up from $12.00) on shares of Freeport-McMoran in a research report on Thursday, July 27th. Jefferies Group LLC reaffirmed a “buy” rating and set a $18.00 price objective on shares of Freeport-McMoran in a research report on Thursday, July 27th. Zacks Investment Research upgraded Freeport-McMoran from a “sell” rating to a “hold” rating in a report on Friday, July 28th. Finally, Berenberg Bank set a $10.00 target price on Freeport-McMoran and gave the stock a “sell” rating in a report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Freeport-McMoran presently has an average rating of “Hold” and a consensus price target of $15.51.
Shares of Freeport-McMoran, Inc. (FCX) opened at 14.64 on Wednesday. The firm’s 50-day moving average price is $14.51 and its 200 day moving average price is $13.09. Freeport-McMoran, Inc. has a 52 week low of $9.24 and a 52 week high of $17.06. The stock has a market capitalization of $21.19 billion, a P/E ratio of 20.65 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 Zacks’ consensus estimate of $0.21 by ($0.04). The firm had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.67 billion. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The company’s revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.02) EPS. Analysts expect that Freeport-McMoran, Inc. will post $0.95 earnings per share for the current 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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