City Financial Investment Co Ltd cut its stake in Freeport-McMoran, Inc. (NYSE:FCX) by 76.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 60,000 shares of the natural resource company’s stock after selling 190,000 shares during the quarter. City Financial Investment Co Ltd’s holdings in Freeport-McMoran were worth $721,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sun Life Financial INC boosted its stake in Freeport-McMoran by 96,340.0% during the second quarter. Sun Life Financial INC now owns 9,644 shares of the natural resource company’s stock valued at $116,000 after buying an additional 9,634 shares during the period. First Manhattan Co. boosted its stake 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 valued at $120,000 after buying an additional 33 shares during the period. Outfitter Advisors LTD. bought a new stake in Freeport-McMoran during the second quarter valued at $121,000. Fisher Asset Management LLC bought a new stake in Freeport-McMoran during the second quarter valued at $122,000. Finally, Partnervest Advisory Services LLC bought a new stake in Freeport-McMoran during the second quarter valued at $123,000. Institutional investors own 67.94% of the company’s stock.

In other Freeport-McMoran news, COO Harry M. Iv Conger purchased 36,180 shares of the stock in a transaction that occurred on Thursday, September 7th. The stock was purchased at an average price of $15.23 per share, with a total value of $551,021.40. Following the acquisition, the chief operating officer now owns 73,943 shares in the company, valued at $1,126,151.89. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.40% of the stock is currently owned by company insiders.

Several research firms recently issued reports on FCX. Raymond James Financial, Inc. began coverage on Freeport-McMoran in a research note on Tuesday, August 15th. They set a “market perform” rating and a $15.00 price objective for the company. FBR & Co reissued a “market perform” rating and set a $13.00 price objective (up previously from $12.00) on shares of Freeport-McMoran in a research note on Thursday, July 27th. Jefferies Group LLC reissued a “buy” rating and set a $18.00 price objective on shares of Freeport-McMoran in a research note on Thursday, July 27th. Zacks Investment Research raised Freeport-McMoran from a “sell” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Berenberg Bank set a $10.00 price objective on Freeport-McMoran and gave the company a “sell” rating in a research note on Friday, July 28th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $15.51.

Freeport-McMoran, Inc. (NYSE FCX) traded down 2.64% during midday trading on Friday, hitting $14.04. The stock had a trading volume of 15,716,622 shares. The stock’s 50-day moving average is $14.57 and its 200-day moving average is $12.98. Freeport-McMoran, Inc. has a 1-year low of $9.24 and a 1-year high of $17.06. The company has a market capitalization of $20.32 billion, a PE ratio of 19.80 and a beta of 2.57.

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 Zacks’ consensus estimate of $0.21 by ($0.04). Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The business had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same period in the previous year, the business posted ($0.02) EPS. The firm’s revenue was up 11.3% on a year-over-year basis. Equities research analysts forecast that Freeport-McMoran, Inc. will post $0.95 EPS for the current year.

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

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