Tyers Asset Management LLC Sells 55,312 Shares of Freeport-McMoRan Inc (NYSE:FCX)
Tyers Asset Management LLC cut its holdings in Freeport-McMoRan Inc (NYSE:FCX) by 54.6% during the second quarter, HoldingsChannel reports. The firm owned 45,984 shares of the natural resource company’s stock after selling 55,312 shares during the period. Tyers Asset Management LLC’s holdings in Freeport-McMoRan were worth $534,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of the company. Wetherby Asset Management Inc. grew its stake in shares of Freeport-McMoRan by 3.8% in the second quarter. Wetherby Asset Management Inc. now owns 26,033 shares of the natural resource company’s stock valued at $302,000 after buying an additional 963 shares in the last quarter. FLC Capital Advisors increased its stake in shares of Freeport-McMoRan by 7.5% in the second quarter. FLC Capital Advisors now owns 14,248 shares of the natural resource company’s stock worth $160,000 after purchasing an additional 1,000 shares during the period. LS Investment Advisors LLC boosted its holdings in Freeport-McMoRan by 2.8% during the second quarter. LS Investment Advisors LLC now owns 36,637 shares of the natural resource company’s stock valued at $425,000 after purchasing an additional 1,007 shares in the last quarter. Sigma Planning Corp boosted its holdings in Freeport-McMoRan by 9.1% during the first quarter. Sigma Planning Corp now owns 13,289 shares of the natural resource company’s stock valued at $171,000 after purchasing an additional 1,106 shares in the last quarter. Finally, Diligent Investors LLC boosted its holdings in Freeport-McMoRan by 6.8% during the first quarter. Diligent Investors LLC now owns 17,378 shares of the natural resource company’s stock valued at $224,000 after purchasing an additional 1,107 shares in the last quarter. Institutional investors and hedge funds own 72.71% of the company’s stock.
Several research analysts have recently commented on FCX shares. Royal Bank of Canada raised Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and boosted their target price for the stock from $12.00 to $14.00 in a report on Wednesday, July 24th. Raymond James restated a “market perform” rating and issued a $13.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, July 25th. Barclays upgraded shares of Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and set a $12.00 price objective for the company in a research report on Tuesday, July 16th. ValuEngine upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Freeport-McMoRan from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Tuesday, July 9th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $13.79.
Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.01. The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.54 billion. Freeport-McMoRan had a net margin of 4.11% and a return on equity of 4.08%. The company’s revenue for the quarter was down 31.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.59 EPS. On average, research analysts forecast that Freeport-McMoRan Inc will post 0.15 earnings per share for the current year.
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
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