Capital Research Global Investors Sells 24,491,024 Shares of Freeport-McMoran, Inc. (FCX)
Capital Research Global Investors trimmed its holdings in Freeport-McMoran, Inc. (NYSE:FCX) by 19.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 104,232,356 shares of the natural resource company’s stock after selling 24,491,024 shares during the period. Capital Research Global Investors owned 7.20% of Freeport-McMoran worth $1,251,831,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. First Manhattan Co. boosted its position in Freeport-McMoran by 0.3% during the second 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. M Holdings Securities Inc. grew its stake in Freeport-McMoran by 1.1% during the 1st quarter. M Holdings Securities Inc. now owns 14,396 shares of the natural resource company’s stock valued at $192,000 after acquiring an additional 150 shares in the last quarter. Sii Investments Inc. WI grew its stake in Freeport-McMoran by 2.3% during the 1st quarter. Sii Investments Inc. WI now owns 13,643 shares of the natural resource company’s stock valued at $182,000 after acquiring an additional 305 shares in the last quarter. Guardian Capital Advisors LP grew its stake in Freeport-McMoran by 1.2% during the 2nd quarter. Guardian Capital Advisors LP now owns 34,254 shares of the natural resource company’s stock valued at $427,000 after acquiring an additional 400 shares in the last quarter. Finally, Argent Trust Co grew its stake in Freeport-McMoran by 4.4% during the 2nd quarter. Argent Trust Co now owns 11,818 shares of the natural resource company’s stock valued at $142,000 after acquiring an additional 500 shares in the last quarter. Institutional investors and hedge funds own 67.94% of the company’s stock.
In other news, COO Harry M. Iv Conger bought 36,180 shares of the firm’s stock in a transaction dated Thursday, September 7th. The stock was acquired at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the acquisition, the chief operating officer now owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 1.29% of the company’s stock.
Several brokerages have recently weighed in on FCX. ValuEngine upgraded Freeport-McMoran from a “hold” rating to a “buy” rating in a report on Thursday, August 31st. FBR & Co reaffirmed a “neutral” rating and issued a $12.00 price target (down previously from $13.00) on shares of Freeport-McMoran in a report on Thursday, September 14th. Berenberg Bank set a $10.00 price target on Freeport-McMoran and gave the company a “sell” rating in a report on Friday, July 28th. Zacks Investment Research downgraded Freeport-McMoran from a “hold” rating to a “sell” rating in a research report on Wednesday, July 5th. Finally, Raymond James Financial, Inc. initiated coverage on Freeport-McMoran in a research report on Tuesday, August 15th. They set a “market perform” rating and a $15.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $15.51.
Freeport-McMoran, Inc. (NYSE FCX) traded up 0.50% during trading on Monday, reaching $14.11. The company had a trading volume of 6,057,856 shares. The firm’s 50 day moving average is $14.57 and its 200-day moving average is $12.98. The company has a market capitalization of $20.42 billion, a P/E ratio of 19.90 and a beta of 2.54. Freeport-McMoran, Inc. has a 12 month low of $9.24 and a 12 month high of $17.06.
Freeport-McMoran (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by ($0.04). The firm 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.02) earnings per share. On average, equities analysts expect that Freeport-McMoran, Inc. will post $0.95 earnings per share for the current year.
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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