State Street Corp Sells 2,352,663 Shares of Freeport-McMoRan Inc. (NYSE:FCX)
State Street Corp lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,971,760 shares of the natural resource company’s stock after selling 2,352,663 shares during the quarter. State Street Corp owned 4.41% of Freeport-McMoRan worth $1,000,518,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. FMR LLC boosted its stake in shares of Freeport-McMoRan by 94.4% during the second quarter. FMR LLC now owns 9,118,532 shares of the natural resource company’s stock valued at $105,502,000 after purchasing an additional 4,427,692 shares during the period. Raymond James Trust N.A. increased its holdings in shares of Freeport-McMoRan by 19.9% during the third quarter. Raymond James Trust N.A. now owns 25,776 shares of the natural resource company’s stock valued at $403,000 after acquiring an additional 4,284 shares in the last quarter. Valeo Financial Advisors LLC increased its holdings in Freeport-McMoRan by 65.0% in the 3rd quarter. Valeo Financial Advisors LLC now owns 2,277 shares of the natural resource company’s stock worth $36,000 after buying an additional 897 shares in the last quarter. Balyasny Asset Management LLC grew its stake in shares of Freeport-McMoRan by 5.1% during the 2nd quarter. Balyasny Asset Management LLC now owns 1,196,922 shares of the natural resource company’s stock valued at $13,848,000 after purchasing an additional 57,903 shares during the period. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at about $4,281,000. Institutional investors and hedge funds own 69.59% of the company’s stock.
A number of equities research analysts have issued reports on the company. Zacks Investment Research upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating and set a $18.00 price target for the company in a research note on Tuesday, September 29th. Deutsche Bank Aktiengesellschaft lifted their price objective on Freeport-McMoRan from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, October 23rd. Credit Suisse Group boosted their price target on Freeport-McMoRan from $14.50 to $17.00 and gave the stock a “neutral” rating in a report on Friday, October 23rd. Citigroup cut Freeport-McMoRan from a “buy” rating to a “neutral” rating in a report on Monday, October 12th. Finally, Royal Bank of Canada boosted their target price on Freeport-McMoRan from $16.00 to $19.00 and gave the company a “sector perform” rating in a research report on Friday, October 23rd. They noted that the move was a valuation call. Six equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $17.56.
Shares of NYSE FCX opened at $21.25 on Friday. The company has a market capitalization of $30.87 billion, a price-to-earnings ratio of -236.08 and a beta of 2.23. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.61 and a quick ratio of 1.35. The business has a 50-day moving average of $18.03 and a two-hundred day moving average of $13.96. Freeport-McMoRan Inc. has a 1 year low of $4.82 and a 1 year high of $21.63.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, October 22nd. The natural resource company reported $0.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.08. Freeport-McMoRan had a positive return on equity of 1.56% and a negative net margin of 0.73%. The company had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $3.68 billion. During the same period in the previous year, the business earned $0.01 EPS. Freeport-McMoRan’s revenue for the quarter was up 16.4% on a year-over-year basis. As a group, equities research analysts expect that Freeport-McMoRan Inc. will post 0.5 earnings per share for the current year.
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
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