BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its position in shares of Freeport-McMoRan Inc (NYSE:FCX) by 14.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 604,973 shares of the natural resource company’s stock after selling 105,135 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Freeport-McMoRan were worth $8,421,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently made changes to their positions in the company. Acadian Asset Management LLC bought a new stake in shares of Freeport-McMoRan in the second quarter worth $300,000. Alps Advisors Inc. grew its holdings in shares of Freeport-McMoRan by 27.2% in the second quarter. Alps Advisors Inc. now owns 14,947 shares of the natural resource company’s stock worth $283,000 after acquiring an additional 3,200 shares during the period. TD Asset Management Inc. grew its holdings in shares of Freeport-McMoRan by 7.6% in the second quarter. TD Asset Management Inc. now owns 616,166 shares of the natural resource company’s stock worth $10,635,000 after acquiring an additional 43,598 shares during the period. First Trust Advisors LP grew its holdings in shares of Freeport-McMoRan by 1.1% in the second quarter. First Trust Advisors LP now owns 1,055,055 shares of the natural resource company’s stock worth $18,210,000 after acquiring an additional 11,016 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in shares of Freeport-McMoRan by 33.2% in the second quarter. Victory Capital Management Inc. now owns 2,556,143 shares of the natural resource company’s stock worth $44,119,000 after acquiring an additional 636,467 shares during the period. Institutional investors and hedge funds own 70.43% of the company’s stock.
Several brokerages recently commented on FCX. Citigroup cut their price objective on Freeport-McMoRan from $18.00 to $14.00 and set a “neutral” rating for the company in a report on Wednesday, October 17th. Raymond James set a $16.00 price objective on Freeport-McMoRan and gave the stock a “hold” rating in a report on Wednesday, October 24th. ValuEngine lowered Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 2nd. B. Riley cut their price objective on Freeport-McMoRan from $18.00 to $16.00 and set a “buy” rating for the company in a report on Thursday, October 25th. Finally, Royal Bank of Canada lowered Freeport-McMoRan from a “sector perform” rating to an “underperform” rating and set a $12.20 price objective for the company. in a report on Tuesday, November 6th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $16.71.
Freeport-McMoRan (NYSE:FCX) last released its earnings results on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.02. The company had revenue of $4.91 billion for the quarter, compared to the consensus estimate of $4.50 billion. Freeport-McMoRan had a return on equity of 22.63% and a net margin of 15.80%. Freeport-McMoRan’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.34 earnings per share. On average, equities research analysts anticipate that Freeport-McMoRan Inc will post 1.7 EPS for the current year.
In related news, Director Courtney Mather sold 75,000 shares of Freeport-McMoRan stock in a transaction on Tuesday, October 30th. The stock was sold at an average price of $11.15, for a total transaction of $836,250.00. Following the transaction, the director now directly owns 152,133 shares in the company, valued at $1,696,282.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.05% of the stock is currently owned by insiders.
Freeport-McMoRan Company Profile
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. 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 and El Abra mines in South America.
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