CS Mckee LP Reduces Stake in Freeport-McMoran, Inc. (FCX)
CS Mckee LP decreased its holdings in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 1.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 469,620 shares of the natural resource company’s stock after selling 7,305 shares during the quarter. CS Mckee LP’s holdings in Freeport-McMoran were worth $6,593,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Shell Asset Management Co. grew its holdings in shares of Freeport-McMoran by 97.9% during the third quarter. Shell Asset Management Co. now owns 160,362 shares of the natural resource company’s stock worth $5,236,000 after buying an additional 79,343 shares in the last quarter. Hosking Partners LLP grew its holdings in shares of Freeport-McMoran by 68.7% in the second quarter. Hosking Partners LLP now owns 809,467 shares of the natural resource company’s stock valued at $9,722,000 after purchasing an additional 329,770 shares during the period. AXA purchased a new stake in shares of Freeport-McMoran in the second quarter valued at about $15,414,000. Caxton Associates LP purchased a new stake in shares of Freeport-McMoran in the second quarter valued at about $7,206,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Freeport-McMoran by 6.8% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 166,437 shares of the natural resource company’s stock valued at $1,999,000 after purchasing an additional 10,574 shares during the period. 68.12% of the stock is owned by institutional investors and hedge funds.
A number of brokerages recently issued reports on FCX. B. Riley reissued a “neutral” rating on shares of Freeport-McMoran in a report on Wednesday, November 1st. Raymond James Financial began coverage on shares of Freeport-McMoran in a report on Tuesday, August 15th. They issued a “market perform” rating and a $15.00 price objective for the company. Morgan Stanley raised shares of Freeport-McMoran from an “underweight” rating to a “hold” rating and upped their price objective for the company from $10.00 to $14.00 in a report on Monday. Royal Bank of Canada reissued a “hold” rating and issued a $17.00 price objective on shares of Freeport-McMoran in a report on Tuesday, December 5th. Finally, BidaskClub raised shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a report on Thursday, August 24th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $15.64.
Freeport-McMoran, Inc. (NYSE FCX) traded up $0.05 during midday trading on Tuesday, reaching $15.02. 15,508,900 shares of the company’s stock were exchanged, compared to its average volume of 20,990,146. Freeport-McMoran, Inc. has a 52 week low of $11.05 and a 52 week high of $17.06. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.02 and a quick ratio of 1.32. The firm has a market capitalization of $21,684.75, a PE ratio of 16.46 and a beta of 2.56.
Freeport-McMoran (NYSE:FCX) last posted its earnings results on Wednesday, October 25th. The natural resource company reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.03. The company had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.06 billion. Freeport-McMoran had a net margin of 6.20% and a return on equity of 13.35%. Freeport-McMoran’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.13 earnings per share. equities research analysts anticipate that Freeport-McMoran, Inc. will post 1.07 EPS for the current fiscal 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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