Cornerstone Capital Management Holdings LLC. Sells 840,143 Shares of Freeport-McMoran, Inc. (FCX)
Cornerstone Capital Management Holdings LLC. lowered its position in Freeport-McMoran, Inc. (NYSE:FCX) by 67.2% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 410,272 shares of the natural resource company’s stock after selling 840,143 shares during the quarter. Cornerstone Capital Management Holdings LLC.’s holdings in Freeport-McMoran were worth $4,926,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently made changes to their positions in FCX. FMR LLC increased its holdings in 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 acquiring an additional 21,652,647 shares during the last quarter. Vanguard Group Inc. increased its holdings in Freeport-McMoran by 10.7% in the 1st quarter. Vanguard Group Inc. now owns 132,991,679 shares of the natural resource company’s stock worth $1,776,769,000 after acquiring an additional 12,897,514 shares during the last quarter. BT Investment Management Ltd purchased a new stake in Freeport-McMoran in the 2nd quarter worth about $94,821,000. BlueMountain Capital Management LLC increased its holdings in Freeport-McMoran by 100.4% in the 2nd quarter. BlueMountain Capital Management LLC now owns 26,461 shares of the natural resource company’s stock worth $318,000 after acquiring an additional 6,651,458 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Freeport-McMoran by 39.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock worth $247,029,000 after acquiring an additional 5,810,712 shares during the last quarter. 67.95% of the stock is owned by institutional investors.
In other Freeport-McMoran news, COO Harry M. Iv Conger bought 36,180 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The stock was purchased 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 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 Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.29% of the company’s stock.
Several brokerages recently weighed in on FCX. Zacks Investment Research lowered Freeport-McMoran from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. Jefferies Group LLC reissued a “buy” rating and issued a $18.00 price objective on shares of Freeport-McMoran in a report on Thursday, July 27th. Deutsche Bank AG reissued a “hold” rating and issued a $13.00 price objective (down previously from $14.00) on shares of Freeport-McMoran in a report on Sunday, June 25th. Macquarie began coverage on Freeport-McMoran in a report on Thursday, September 7th. They issued a “neutral” rating and a $16.00 price objective for the company. Finally, BidaskClub raised Freeport-McMoran from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 27th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $15.36.
Shares of Freeport-McMoran, Inc. (NYSE:FCX) opened at 14.51 on Friday. The company has a market cap of $21.00 billion, a P/E ratio of 20.47 and a beta of 2.54. The company has a 50-day moving average price of $14.49 and a 200-day moving average price of $13.17. Freeport-McMoran, Inc. has a 52-week low of $9.50 and a 52-week high of $17.06.
Freeport-McMoran (NYSE:FCX) last released its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the 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 business had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.67 billion. During the same quarter in the prior year, the business posted ($0.02) EPS. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, equities analysts predict that Freeport-McMoran, Inc. will post $0.99 EPS for the current 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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