Pictet Asset Management Ltd. trimmed its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 3.2% in the second quarter, Holdings Channel.com reports. The fund owned 627,256 shares of the natural resource company’s stock after selling 21,000 shares during the period. Pictet Asset Management Ltd.’s holdings in Freeport-McMoRan were worth $7,282,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of FCX. Geode Capital Management LLC increased its stake in shares of Freeport-McMoRan by 4.7% during the 4th quarter. Geode Capital Management LLC now owns 21,269,503 shares of the natural resource company’s stock worth $218,954,000 after purchasing an additional 959,745 shares in the last quarter. Cetera Advisor Networks LLC lifted its holdings in Freeport-McMoRan by 5.5% in the 1st quarter. Cetera Advisor Networks LLC now owns 24,124 shares of the natural resource company’s stock worth $310,000 after buying an additional 1,268 shares in the last quarter. Mn Services Vermogensbeheer B.V. lifted its holdings in Freeport-McMoRan by 6.0% in the 1st quarter. Mn Services Vermogensbeheer B.V. now owns 247,571 shares of the natural resource company’s stock worth $3,191,000 after buying an additional 14,000 shares in the last quarter. CIBC Asset Management Inc lifted its holdings in Freeport-McMoRan by 1.4% in the 1st quarter. CIBC Asset Management Inc now owns 133,989 shares of the natural resource company’s stock worth $1,727,000 after buying an additional 1,893 shares in the last quarter. Finally, Moors & Cabot Inc. lifted its holdings in Freeport-McMoRan by 9.0% in the 1st quarter. Moors & Cabot Inc. now owns 38,737 shares of the natural resource company’s stock worth $500,000 after buying an additional 3,188 shares in the last quarter. Institutional investors own 72.50% of the company’s stock.

FCX has been the subject of a number of recent research reports. Barclays raised 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. Deutsche Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their target price for the stock from $12.50 to $13.50 in a research report on Wednesday, July 10th. JPMorgan Chase & Co. reduced their price target on shares of Freeport-McMoRan from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Tuesday, July 9th. Royal Bank of Canada raised shares of Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and upped their price target for the stock from $12.00 to $14.00 in a research note on Wednesday, July 24th. Finally, ValuEngine raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, September 5th. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $13.79.

Freeport-McMoRan stock traded down $0.30 during midday trading on Monday, hitting $10.46. 385,936 shares of the stock were exchanged, compared to its average volume of 17,628,730. The company has a fifty day simple moving average of $9.78 and a two-hundred day simple moving average of $11.31. Freeport-McMoRan Inc has a 52 week low of $8.58 and a 52 week high of $14.90. The stock has a market capitalization of $15.20 billion, a PE ratio of 6.89 and a beta of 2.42. The company has a quick ratio of 1.32, a current ratio of 2.66 and a debt-to-equity ratio of 0.56.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.01. Freeport-McMoRan had a net margin of 4.11% and a return on equity of 4.08%. The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.54 billion. During the same period last year, the company earned $0.59 earnings per share. The firm’s revenue was down 31.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Freeport-McMoRan Inc will post 0.15 EPS for the current fiscal year.

About Freeport-McMoRan

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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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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