Cambridge Investment Research Advisors Inc. Has $1.79 Million Position in Freeport-McMoran, Inc. (FCX)
Cambridge Investment Research Advisors Inc. increased its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 30.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 127,521 shares of the natural resource company’s stock after purchasing an additional 29,854 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Freeport-McMoran were worth $1,790,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in FCX. Shell Asset Management Co. grew its stake in Freeport-McMoran by 97.9% in the third quarter. Shell Asset Management Co. now owns 160,362 shares of the natural resource company’s stock valued at $5,236,000 after acquiring an additional 79,343 shares during the period. Hosking Partners LLP grew its stake in Freeport-McMoran by 68.7% in the second quarter. Hosking Partners LLP now owns 809,467 shares of the natural resource company’s stock valued at $9,722,000 after acquiring an additional 329,770 shares during the period. AXA acquired a new position in Freeport-McMoran in the second quarter valued at about $15,414,000. Caxton Associates LP acquired a new position in Freeport-McMoran in the second quarter valued at about $7,206,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Freeport-McMoran by 6.8% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 166,437 shares of the natural resource company’s stock valued at $1,999,000 after acquiring an additional 10,574 shares during the period. 69.68% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have issued reports on the company. Zacks Investment Research raised Freeport-McMoran from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research note on Tuesday, November 14th. B. Riley reissued a “neutral” rating on shares of Freeport-McMoran in a research note on Wednesday, November 1st. UBS AG boosted their target price on Freeport-McMoran from $13.50 to $14.00 and gave the company a “neutral” rating in a research note on Monday, October 30th. ValuEngine raised Freeport-McMoran from a “hold” rating to a “buy” rating in a research note on Thursday, October 26th. Finally, FBR & Co reissued a “hold” rating and issued a $12.00 target price on shares of Freeport-McMoran in a research note on Thursday, October 26th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $15.54.
Shares of Freeport-McMoran, Inc. (NYSE FCX) opened at $13.79 on Monday. Freeport-McMoran, Inc. has a twelve month low of $11.05 and a twelve month high of $17.06. The stock has a market capitalization of $20,060.00, a PE ratio of 15.23 and a beta of 2.55. The company has a current ratio of 2.02, a quick ratio of 1.32 and a debt-to-equity ratio of 1.23.
Freeport-McMoran (NYSE:FCX) last released its earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.03. Freeport-McMoran had a return on equity of 13.35% and a net margin of 6.20%. The business had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.06 billion. During the same quarter in the prior year, the company posted $0.13 earnings per share. Freeport-McMoran’s revenue was up 11.2% on a year-over-year basis. analysts expect that Freeport-McMoran, Inc. will post 1.07 EPS for the current fiscal year.
In other Freeport-McMoran news, COO Harry M. Iv Conger acquired 36,180 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were purchased at an average price 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 $1,126,151.89. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.29% of the stock is owned by corporate insiders.
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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