Oakmont Corp Takes $41.55 Million Position in Freeport-McMoran, Inc. (FCX)
Oakmont Corp acquired a new stake in Freeport-McMoran, Inc. (NYSE:FCX) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,959,595 shares of the natural resource company’s stock, valued at approximately $41,553,000. Freeport-McMoran comprises 7.0% of Oakmont Corp’s investment portfolio, making the stock its 9th largest position. Oakmont Corp owned about 0.20% of Freeport-McMoran as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of FCX. Fisher Asset Management LLC purchased a new position in Freeport-McMoran in the second quarter valued at approximately $122,000. State of Alaska Department of Revenue lifted its position in shares of Freeport-McMoran by 81.7% during the second quarter. State of Alaska Department of Revenue now owns 30,226 shares of the natural resource company’s stock worth $363,000 after acquiring an additional 13,590 shares in the last quarter. Eqis Capital Management Inc. lifted its position in shares of Freeport-McMoran by 5.9% during the second quarter. Eqis Capital Management Inc. now owns 13,144 shares of the natural resource company’s stock worth $158,000 after acquiring an additional 731 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in shares of Freeport-McMoran by 102.4% during the second quarter. Oregon Public Employees Retirement Fund now owns 281,224 shares of the natural resource company’s stock worth $3,378,000 after acquiring an additional 142,300 shares in the last quarter. Finally, LS Investment Advisors LLC lifted its position in shares of Freeport-McMoran by 5.1% during the second quarter. LS Investment Advisors LLC now owns 36,056 shares of the natural resource company’s stock worth $433,000 after acquiring an additional 1,740 shares in the last quarter. Institutional investors and hedge funds own 69.09% of the company’s stock.
Shares of Freeport-McMoran, Inc. (NYSE:FCX) traded down $0.17 during trading hours on Thursday, hitting $13.63. The stock had a trading volume of 17,992,700 shares, compared to its average volume of 21,498,537. Freeport-McMoran, Inc. has a 52-week low of $11.05 and a 52-week high of $17.06. The company has a market capitalization of $19,830.00, a PE ratio of 15.16 and a beta of 2.55. 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 announced its quarterly earnings data on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.03. Freeport-McMoran had a return on equity of 13.35% and a net margin of 6.20%. The firm had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.06 billion. During the same period last year, the firm earned $0.13 earnings per share. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. research analysts expect that Freeport-McMoran, Inc. will post 1.07 EPS for the current fiscal year.
Several equities research analysts have issued reports on FCX shares. Vertical Research restated a “buy” rating and set a $20.00 target price on shares of Freeport-McMoran in a research report on Tuesday, August 29th. Jefferies Group LLC set a $18.00 target price on Freeport-McMoran and gave the stock a “buy” rating in a research report on Monday, August 28th. ValuEngine upgraded Freeport-McMoran from a “hold” rating to a “buy” rating in a research report on Thursday, August 31st. Zacks Investment Research raised shares of Freeport-McMoran from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Tuesday, October 10th. Finally, BMO Capital Markets set a $17.00 price target on shares of Freeport-McMoran and gave the stock a “hold” rating in a report on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Freeport-McMoran currently has an average rating of “Hold” and an average price target of $15.54.
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In related news, COO Harry M. Iv Conger acquired 36,180 shares of Freeport-McMoran stock in a transaction dated Thursday, September 7th. The shares were purchased at an average cost of $15.23 per share, with a total value of $551,021.40. Following the completion of the purchase, the chief operating officer now owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.29% of the stock is currently owned by company insiders.
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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