Beech Hill Advisors Inc. Has $558,000 Stake in Freeport-McMoran, Inc. (FCX)
Beech Hill Advisors Inc. cut its stake in Freeport-McMoran, Inc. (NYSE:FCX) by 25.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,450 shares of the natural resource company’s stock after selling 16,250 shares during the period. Beech Hill Advisors Inc.’s holdings in Freeport-McMoran were worth $558,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of the company. FMR LLC raised its position in shares of Freeport-McMoran by 104.4% in the first quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock worth $566,451,000 after buying an additional 21,652,647 shares during the period. Vanguard Group Inc. boosted its stake in shares of Freeport-McMoran by 10.7% in the first quarter. Vanguard Group Inc. now owns 132,991,679 shares of the natural resource company’s stock worth $1,776,769,000 after buying an additional 12,897,514 shares during the period. Westpac Banking Corp boosted its stake in shares of Freeport-McMoran by 1,493.6% in the first quarter. Westpac Banking Corp now owns 7,038,887 shares of the natural resource company’s stock worth $102,454,000 after buying an additional 6,597,176 shares during the period. Manning & Napier Advisors LLC bought a new stake in shares of Freeport-McMoran during the first quarter worth $84,644,000. Finally, Capital Growth Management LP bought a new stake in shares of Freeport-McMoran during the first quarter worth $71,743,000. Hedge funds and other institutional investors own 69.46% of the company’s stock.
Freeport-McMoran, Inc. (FCX) traded up 0.500% during trading on Wednesday, hitting $13.065. 4,192,070 shares of the stock traded hands. Freeport-McMoran, Inc. has a 52-week low of $9.24 and a 52-week high of $17.06. The stock has a market cap of $18.90 billion, a P/E ratio of 69.866 and a beta of 2.55. The company’s 50 day moving average price is $11.96 and its 200-day moving average price is $13.18.
Freeport-McMoran (NYSE:FCX) last posted its quarterly earnings results on Tuesday, April 25th. The natural resource company reported $0.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.01. Freeport-McMoran had a net margin of 1.11% and a return on equity of 7.97%. The business had revenue of $3.34 billion during the quarter, compared to analysts’ expectations of $3.51 billion. During the same quarter in the previous year, the business posted ($0.16) EPS. The company’s quarterly revenue was down 5.3% on a year-over-year basis. Equities research analysts forecast that Freeport-McMoran, Inc. will post $1.01 earnings per share for the current fiscal year.
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Several analysts have recently commented on the company. Jefferies Group LLC decreased their target price on Freeport-McMoran from $16.00 to $14.50 and set a “buy” rating on the stock in a report on Thursday, June 8th. Cowen and Company reaffirmed a “buy” rating on shares of Freeport-McMoran in a research report on Tuesday, April 11th. Vetr downgraded Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $14.64 price objective for the company. in a report on Monday, April 10th. ValuEngine upgraded Freeport-McMoran from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, Berenberg Bank upgraded Freeport-McMoran from a “sell” rating to a “hold” rating and set a $12.00 price target for the company in a research note on Wednesday, March 22nd. Five equities research analysts have rated the stock with a sell rating, nine have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $13.77.
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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