Iberiabank Corp trimmed its holdings in Freeport-McMoRan Inc (NYSE:FCX) by 44.1% in the second quarter, HoldingsChannel.com reports. The firm owned 19,031 shares of the natural resource company’s stock after selling 15,019 shares during the quarter. Iberiabank Corp’s holdings in Freeport-McMoRan were worth $220,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Highland Capital Management LLC increased its position in shares of Freeport-McMoRan by 0.5% during the second quarter. Highland Capital Management LLC now owns 203,273 shares of the natural resource company’s stock worth $2,352,000 after purchasing an additional 1,000 shares in the last quarter. Legacy Capital Partners Inc. grew its stake in Freeport-McMoRan by 2.7% during the 2nd quarter. Legacy Capital Partners Inc. now owns 42,420 shares of the natural resource company’s stock worth $491,000 after buying an additional 1,100 shares during the last quarter. Quilter Plc increased its position in Freeport-McMoRan by 10.1% during the first quarter. Quilter Plc now owns 12,221 shares of the natural resource company’s stock worth $82,000 after buying an additional 1,123 shares during the period. Ameritas Investment Company LLC lifted its stake in Freeport-McMoRan by 19.8% in the first quarter. Ameritas Investment Company LLC now owns 7,302 shares of the natural resource company’s stock valued at $49,000 after buying an additional 1,209 shares during the last quarter. Finally, White Pine Capital LLC lifted its stake in Freeport-McMoRan by 12.3% in the first quarter. White Pine Capital LLC now owns 11,450 shares of the natural resource company’s stock valued at $77,000 after buying an additional 1,250 shares during the last quarter. Institutional investors own 71.16% of the company’s stock.
FCX has been the topic of a number of recent research reports. Eight Capital raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating in a report on Monday, April 27th. Jefferies Financial Group raised their price objective on shares of Freeport-McMoRan from $18.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. ValuEngine cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, July 2nd. TheStreet upgraded shares of Freeport-McMoRan from a “d+” rating to a “c” rating in a research note on Thursday, July 23rd. Finally, Zacks Investment Research upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research report on Wednesday, June 24th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $14.03.
Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, July 23rd. The natural resource company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.06. The company had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.06 billion. Freeport-McMoRan had a negative net margin of 4.28% and a negative return on equity of 0.98%. The business’s revenue was down 13.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.04) EPS. Equities research analysts expect that Freeport-McMoRan Inc will post 0.28 earnings per share for the current fiscal 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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