Freeport-McMoran, Inc. (NYSE:FCX) Shares Sold by IFP Advisors Inc
IFP Advisors Inc reduced its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 26.5% during the second quarter, Holdings Channel reports. The firm owned 48,299 shares of the natural resource company’s stock after selling 17,398 shares during the period. IFP Advisors Inc’s holdings in Freeport-McMoran were worth $580,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in FCX. State of Alaska Department of Revenue purchased a new position in shares of Freeport-McMoran during the first quarter valued at about $222,000. Bank of New York Mellon Corp raised its position in shares of Freeport-McMoran by 46.2% in the first quarter. Bank of New York Mellon Corp now owns 14,757,919 shares of the natural resource company’s stock valued at $197,166,000 after buying an additional 4,662,665 shares during the period. Parkwood LLC raised its position in shares of Freeport-McMoran by 380.3% in the first quarter. Parkwood LLC now owns 80,541 shares of the natural resource company’s stock valued at $1,076,000 after buying an additional 63,773 shares during the period. ARP Americas LLC purchased a new position in shares of Freeport-McMoran during the first quarter valued at about $150,000. Finally, Vanguard Group Inc. raised its position 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 valued at $1,776,769,000 after buying an additional 12,897,514 shares during the period. 69.45% of the stock is owned by institutional investors.
Shares of Freeport-McMoran, Inc. (NYSE:FCX) opened at 13.96 on Friday. The firm’s 50-day moving average is $13.24 and its 200 day moving average is $13.11. The company has a market capitalization of $20.20 billion, a PE ratio of 19.69 and a beta of 2.59. 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 data on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.21 by $0.04. The company had revenue of $3.71 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.02) EPS. Equities research analysts predict that Freeport-McMoran, Inc. will post $0.87 EPS for the current year.
Several equities analysts have recently issued reports on FCX shares. Berenberg Bank set a $10.00 price target on shares of Freeport-McMoran and gave the company a “sell” rating in a report on Friday, July 28th. Zacks Investment Research lowered shares of Freeport-McMoran from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. Vetr raised shares of Freeport-McMoran from a “buy” rating to a “strong-buy” rating and set a $14.36 target price for the company in a research note on Monday, May 1st. Jefferies Group LLC reduced their target price on shares of Freeport-McMoran from $16.00 to $14.50 and set a “buy” rating for the company in a research note on Thursday, June 8th. Finally, FBR & Co reduced their target price on shares of Freeport-McMoran from $13.00 to $12.00 and set a “mkt perform” rating for the company in a research note on Monday, May 1st. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Freeport-McMoran currently has an average rating of “Hold” and a consensus price target of $14.27.
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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