People s United Financial Inc. decreased its position in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 23.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,386 shares of the natural resource company’s stock after selling 7,326 shares during the quarter. People s United Financial Inc.’s holdings in Freeport-McMoran were worth $281,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. First Manhattan Co. boosted its holdings in shares of Freeport-McMoran by 0.3% during the 2nd quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock valued at $120,000 after acquiring an additional 33 shares in the last quarter. Outfitter Advisors LTD. acquired a new position in Freeport-McMoran during the 2nd quarter worth about $121,000. Fisher Asset Management LLC acquired a new position in Freeport-McMoran during the 2nd quarter worth about $122,000. Partnervest Advisory Services LLC acquired a new position in Freeport-McMoran during the 2nd quarter worth about $123,000. Finally, United Asset Strategies Inc. acquired a new position in Freeport-McMoran during the 2nd quarter worth about $127,000. 67.97% of the stock is currently owned by institutional investors.
In other news, COO Harry M. Iv Conger purchased 36,180 shares of the stock in a transaction that occurred on Thursday, September 7th. The shares were purchased at an average cost of $15.23 per share, with a total value of $551,021.40. Following the completion of the acquisition, the chief operating officer now owns 73,943 shares of the company’s stock, valued at approximately $1,126,151.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.29% of the company’s stock.
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Several research firms have recently weighed in on FCX. Deutsche Bank AG lowered Freeport-McMoran from a “hold” rating to a “sell” rating and set a $13.00 price objective for the company. in a research report on Tuesday. Royal Bank Of Canada set a $14.00 price objective on Freeport-McMoran and gave the stock a “hold” rating in a research report on Wednesday, October 11th. Zacks Investment Research raised Freeport-McMoran from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research report on Tuesday, October 10th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $19.00 target price (down from $23.00) on shares of Freeport-McMoran in a research report on Wednesday, October 4th. Finally, CIBC started coverage on Freeport-McMoran in a research report on Friday, September 15th. They issued a “sector outperform” rating and a $18.00 target price for the company. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Freeport-McMoran currently has a consensus rating of “Hold” and an average price target of $15.36.
Shares of Freeport-McMoran, Inc. (NYSE FCX) traded down 2.49% during midday trading on Tuesday, reaching $14.89. 3,041,032 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $14.44 and a 200-day moving average of $13.20. The stock has a market cap of $21.55 billion, a price-to-earnings ratio of 21.00 and a beta of 2.54. Freeport-McMoran, Inc. has a one year low of $9.50 and a one year high of $17.06.
Freeport-McMoran (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.04). Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The business had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same quarter in the previous year, the company earned ($0.02) EPS. The firm’s revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts anticipate that Freeport-McMoran, Inc. will post $0.99 earnings per share for the current year.
Freeport-McMoran Company Profile
Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.
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