Advisory Services Network LLC Has $1.22 Million Stake in Freeport-McMoran, Inc. (FCX)
Advisory Services Network LLC raised its holdings in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 12.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 101,517 shares of the natural resource company’s stock after acquiring an additional 11,508 shares during the quarter. Advisory Services Network LLC’s holdings in Freeport-McMoran were worth $1,219,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also modified their holdings of the company. IHT Wealth Management LLC boosted its stake in shares of Freeport-McMoran by 27.1% during the 2nd quarter. IHT Wealth Management LLC now owns 1,758 shares of the natural resource company’s stock worth $843,000 after acquiring an additional 375 shares during the last quarter. Sun Life Financial INC boosted its stake in shares of Freeport-McMoran by 96,340.0% during the 2nd quarter. Sun Life Financial INC now owns 9,644 shares of the natural resource company’s stock worth $116,000 after acquiring an additional 9,634 shares during the last quarter. First Manhattan Co. boosted its stake 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 worth $120,000 after acquiring an additional 33 shares during the last quarter. Outfitter Advisors LTD. purchased a new position in shares of Freeport-McMoran during the 2nd quarter worth $121,000. Finally, Fisher Asset Management LLC purchased a new position in shares of Freeport-McMoran during the 2nd quarter worth $122,000. Institutional investors and hedge funds own 67.97% of the company’s stock.
Shares of Freeport-McMoran, Inc. (FCX) traded up 2.92% during mid-day trading on Monday, reaching $15.18. 12,061,864 shares of the company’s stock were exchanged. Freeport-McMoran, Inc. has a 1-year low of $9.50 and a 1-year high of $17.06. The company’s 50 day moving average is $14.44 and its 200 day moving average is $13.20. The stock has a market capitalization of $21.97 billion, a PE ratio of 21.41 and a beta of 2.54.
Freeport-McMoran (NYSE:FCX) last posted 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). The company had revenue of $3.71 billion for the quarter, compared to analyst estimates of $3.67 billion. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The business’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.02) earnings per share. Equities research analysts anticipate that Freeport-McMoran, Inc. will post $0.99 EPS for the current fiscal year.
In related news, COO Harry M. Iv Conger acquired 36,180 shares of Freeport-McMoran stock in a transaction on Thursday, September 7th. The stock was bought at an average cost of $15.23 per share, for a total transaction of $551,021.40. Following the completion of the transaction, the chief operating officer now owns 73,943 shares of the company’s stock, valued at approximately $1,126,151.89. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.29% of the company’s stock.
Several brokerages have recently weighed in on FCX. Zacks Investment Research cut shares of Freeport-McMoran from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. Jefferies Group LLC reiterated a “buy” rating and set a $18.00 price target on shares of Freeport-McMoran in a research note on Thursday, July 27th. Deutsche Bank AG reiterated a “hold” rating and set a $13.00 price target (down previously from $14.00) on shares of Freeport-McMoran in a research note on Sunday, June 25th. Macquarie began coverage on shares of Freeport-McMoran in a research note on Thursday, September 7th. They set a “neutral” rating and a $16.00 price target on the stock. Finally, BidaskClub upgraded shares of Freeport-McMoran from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Freeport-McMoran presently has an average rating of “Hold” and an average price target of $15.36.
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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