Grassi Investment Management Purchases 3,600 Shares of Freeport-McMoRan Inc (FCX)
Grassi Investment Management increased its position in Freeport-McMoRan Inc (NYSE:FCX) by 6.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 62,800 shares of the natural resource company’s stock after acquiring an additional 3,600 shares during the quarter. Grassi Investment Management’s holdings in Freeport-McMoRan were worth $1,191,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently made changes to their positions in FCX. Visionary Asset Management Inc. purchased a new position in Freeport-McMoRan during the 3rd quarter valued at about $215,000. GSA Capital Partners LLP purchased a new position in Freeport-McMoRan during the 3rd quarter valued at about $303,000. Americafirst Capital Management LLC purchased a new position in Freeport-McMoRan during the 3rd quarter valued at about $170,000. Belpointe Asset Management LLC purchased a new position in Freeport-McMoRan during the 3rd quarter valued at about $150,000. Finally, Ladenburg Thalmann Financial Services Inc. grew its holdings in Freeport-McMoRan by 5.5% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 159,535 shares of the natural resource company’s stock valued at $2,245,000 after buying an additional 8,321 shares in the last quarter. 68.07% of the stock is owned by institutional investors.
A number of research firms have weighed in on FCX. B. Riley reaffirmed a “neutral” rating on shares of Freeport-McMoRan in a report on Wednesday, November 1st. Zacks Investment Research lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday. Royal Bank of Canada set a $14.00 target price on Freeport-McMoRan and gave the company a “hold” rating in a report on Wednesday, October 11th. FBR & Co reiterated a “neutral” rating and set a $12.00 price target (down previously from $13.00) on shares of Freeport-McMoRan in a research report on Thursday, September 14th. Finally, Scotiabank reiterated a “hold” rating and set a $19.00 price target on shares of Freeport-McMoRan in a research report on Monday. Two investment analysts have rated the stock with a sell rating, sixteen have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $15.80.
Freeport-McMoRan Inc (FCX) traded up $0.59 during trading hours on Wednesday, reaching $19.51. The company had a trading volume of 28,031,139 shares, compared to its average volume of 21,697,186. The company has a market cap of $28,240.00, a P/E ratio of 27.10 and a beta of 2.51. Freeport-McMoRan Inc has a one year low of $11.05 and a one year high of $19.99. The company has a quick ratio of 1.32, a current ratio of 2.02 and a debt-to-equity ratio of 1.23.
Freeport-McMoRan (NYSE:FCX) last released its earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.03. The company had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.06 billion. Freeport-McMoRan had a return on equity of 13.35% and a net margin of 6.20%. Freeport-McMoRan’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.13 EPS. research analysts anticipate that Freeport-McMoRan Inc will post 1.09 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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