Freeport-McMoran, Inc. (FCX) Shares Sold by Wetherby Asset Management Inc.
Wetherby Asset Management Inc. decreased its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 22.3% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 24,116 shares of the natural resource company’s stock after selling 6,907 shares during the period. Wetherby Asset Management Inc.’s holdings in Freeport-McMoran were worth $290,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the company. Stoneridge Investment Partners LLC boosted its stake in shares of Freeport-McMoran by 22.9% in the second quarter. Stoneridge Investment Partners LLC now owns 355,542 shares of the natural resource company’s stock worth $4,270,000 after buying an additional 66,223 shares in the last quarter. HL Financial Services LLC acquired a new stake in shares of Freeport-McMoran during the second quarter worth about $154,000. Advisor Partners LLC boosted its stake in shares of Freeport-McMoran by 13.9% in the second quarter. Advisor Partners LLC now owns 48,881 shares of the natural resource company’s stock worth $587,000 after buying an additional 5,971 shares in the last quarter. Pictet Asset Management Ltd. boosted its stake in shares of Freeport-McMoran by 2.7% in the second quarter. Pictet Asset Management Ltd. now owns 703,258 shares of the natural resource company’s stock worth $8,080,000 after buying an additional 18,800 shares in the last quarter. Finally, Tdam USA Inc. boosted its stake in shares of Freeport-McMoran by 14.7% in the second quarter. Tdam USA Inc. now owns 15,711 shares of the natural resource company’s stock worth $190,000 after buying an additional 2,015 shares in the last quarter. Hedge funds and other institutional investors own 69.94% of the company’s stock.
Freeport-McMoran, Inc. (NYSE:FCX) opened at 14.77 on Thursday. Freeport-McMoran, Inc. has a 12 month low of $9.24 and a 12 month high of $17.06. The firm has a market cap of $21.38 billion, a price-to-earnings ratio of 20.83 and a beta of 2.59. The stock’s 50 day moving average is $13.45 and its 200-day moving average is $13.04.
Freeport-McMoran (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) 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%. Freeport-McMoran’s revenue for the quarter 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, analysts anticipate that Freeport-McMoran, Inc. will post $0.89 earnings per share for the current fiscal year.
A number of equities research analysts recently issued reports on the stock. Raymond James Financial, Inc. assumed coverage on shares of Freeport-McMoran in a report on Tuesday. They issued a “market perform” rating and a $15.00 price objective for the company. Zacks Investment Research upgraded shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a report on Friday, July 28th. Berenberg Bank set a $10.00 price objective on shares of Freeport-McMoran and gave the stock a “sell” rating in a report on Friday, July 28th. FBR & Co reiterated a “market perform” rating and issued a $13.00 price objective (up from $12.00) on shares of Freeport-McMoran in a report on Thursday, July 27th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $18.00 price objective on shares of Freeport-McMoran in a report on Thursday, July 27th. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $14.32.
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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