Pillar Pacific Capital Management LLC Sells 1,595 Shares of Freeport-McMoRan Inc. (NYSE:FCX)


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Pillar Pacific Capital Management LLC decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.5% during the fourth quarter, HoldingsChannel reports. The fund owned 314,496 shares of the natural resource company’s stock after selling 1,595 shares during the quarter. Pillar Pacific Capital Management LLC’s holdings in Freeport-McMoRan were worth $8,183,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. FMR LLC grew its stake in Freeport-McMoRan by 15.4% in the 4th quarter. FMR LLC now owns 56,365,482 shares of the natural resource company’s stock worth $1,466,630,000 after acquiring an additional 7,504,643 shares in the last quarter. Lansdowne Partners UK LLP grew its stake in Freeport-McMoRan by 92.4% in the 3rd quarter. Lansdowne Partners UK LLP now owns 10,743,571 shares of the natural resource company’s stock worth $168,008,000 after acquiring an additional 5,158,588 shares in the last quarter. Ninety One UK Ltd bought a new position in Freeport-McMoRan in the 3rd quarter worth about $77,683,000. Platinum Investment Management Ltd. grew its stake in Freeport-McMoRan by 225.5% in the 3rd quarter. Platinum Investment Management Ltd. now owns 4,660,219 shares of the natural resource company’s stock worth $72,886,000 after acquiring an additional 3,228,632 shares in the last quarter. Finally, Fisher Asset Management LLC grew its stake in Freeport-McMoRan by 5.9% in the 4th quarter. Fisher Asset Management LLC now owns 42,857,825 shares of the natural resource company’s stock worth $1,115,161,000 after acquiring an additional 2,403,986 shares in the last quarter. Institutional investors and hedge funds own 72.30% of the company’s stock.

A number of brokerages have commented on FCX. Johnson Rice assumed coverage on shares of Freeport-McMoRan in a research note on Wednesday, December 16th. They issued a “buy” rating on the stock. The Goldman Sachs Group assumed coverage on shares of Freeport-McMoRan in a research report on Wednesday, November 11th. They issued a “conviction-buy” rating and a $25.00 price target for the company. Deutsche Bank Aktiengesellschaft upped their price target on shares of Freeport-McMoRan from $20.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday, January 13th. Argus raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a research report on Tuesday, January 5th. Finally, TheStreet raised shares of Freeport-McMoRan from a “c” rating to a “b-” rating in a research report on Tuesday, January 26th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the stock. Freeport-McMoRan has an average rating of “Buy” and a consensus price target of $23.12.

Shares of NYSE:FCX traded down $0.99 during midday trading on Tuesday, reaching $37.09. The company’s stock had a trading volume of 915,189 shares, compared to its average volume of 24,691,752. The firm has a market capitalization of $53.89 billion, a PE ratio of -423.06 and a beta of 2.27. Freeport-McMoRan Inc. has a twelve month low of $4.82 and a twelve month high of $39.10. The stock has a fifty day moving average of $30.72 and a 200 day moving average of $21.86. The company has a quick ratio of 1.35, a current ratio of 2.61 and a debt-to-equity ratio of 0.57.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Monday, January 25th. The natural resource company reported $0.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.01. The firm had revenue of $4.50 billion for the quarter, compared to analyst estimates of $4.33 billion. Freeport-McMoRan had a negative net margin of 0.73% and a positive return on equity of 1.56%. The business’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.02 earnings per share. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 0.56 earnings per share for the current fiscal year.

In related news, CFO Kathleen L. Quirk sold 485,000 shares of the firm’s stock in a transaction on Friday, December 4th. The shares were sold at an average price of $25.27, for a total transaction of $12,255,950.00. Following the sale, the chief financial officer now owns 1,890,655 shares in the company, valued at $47,776,851.85. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Richard C. Adkerson sold 467,887 shares of the firm’s stock in a transaction on Friday, December 4th. The shares were sold at an average price of $25.17, for a total transaction of $11,776,715.79. Following the sale, the chief executive officer now owns 3,724,573 shares in the company, valued at approximately $93,747,502.41. The disclosure for this sale can be found here. Insiders sold 1,001,127 shares of company stock worth $25,520,387 in the last quarter. Company insiders own 1.00% of the company’s stock.

About Freeport-McMoRan

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

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