PNC Financial Services Group Inc. grew its stake in Freeport-McMoRan Inc (NYSE:FCX) by 61.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 229,828 shares of the natural resource company’s stock after buying an additional 87,681 shares during the period. PNC Financial Services Group Inc.’s holdings in Freeport-McMoRan were worth $3,199,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. United Asset Strategies Inc. acquired a new position in shares of Freeport-McMoRan in the 3rd quarter valued at $142,000. Fox Run Management L.L.C. acquired a new position in shares of Freeport-McMoRan in the 3rd quarter valued at $145,000. Greenleaf Trust acquired a new position in shares of Freeport-McMoRan in the 3rd quarter valued at $154,000. Iron Financial LLC acquired a new position in shares of Freeport-McMoRan in the 3rd quarter valued at $176,000. Finally, HRT Financial LLC acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $179,000. Institutional investors and hedge funds own 70.43% of the company’s stock.
A number of analysts recently weighed in on FCX shares. TheStreet cut shares of Freeport-McMoRan from a “b-” rating to a “c+” rating in a research note on Monday, November 19th. ValuEngine upgraded shares of Freeport-McMoRan from a “strong sell” rating to a “sell” rating in a research note on Friday, September 21st. Deutsche Bank set a $15.00 price target on shares of Freeport-McMoRan and gave the stock a “hold” rating in a research note on Tuesday, October 2nd. Barclays started coverage on shares of Freeport-McMoRan in a research note on Wednesday, October 10th. They set an “underweight” rating and a $12.00 price target for the company. Finally, B. Riley decreased their price target on shares of Freeport-McMoRan from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 19th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $16.71.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Wednesday, October 24th. The natural resource company reported $0.35 EPS for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.02. The company had revenue of $4.91 billion during the quarter, compared to the consensus estimate of $4.50 billion. Freeport-McMoRan had a net margin of 15.80% and a return on equity of 22.63%. Freeport-McMoRan’s quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.34 EPS. As a group, research analysts expect that Freeport-McMoRan Inc will post 1.7 earnings per share for the current fiscal year.
In other Freeport-McMoRan news, Director Courtney Mather sold 75,000 shares of the company’s stock in a transaction on Tuesday, October 30th. The shares were sold at an average price of $11.15, for a total transaction of $836,250.00. Following the completion of the transaction, the director now owns 152,133 shares in the company, valued at approximately $1,696,282.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.05% of the stock is currently owned by corporate insiders.
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.
See Also: What is a Tariff?
Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc (NYSE:FCX).
Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.