Pictet Asset Management Ltd. Acquires 18,800 Shares of Freeport-McMoran, Inc. (FCX)
Pictet Asset Management Ltd. raised its position in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 2.7% during the second quarter, Holdings Channel reports. The fund owned 703,258 shares of the natural resource company’s stock after buying an additional 18,800 shares during the period. Pictet Asset Management Ltd.’s holdings in Freeport-McMoran were worth $8,080,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in FCX. State of Alaska Department of Revenue purchased a new position in Freeport-McMoran during the first quarter worth $222,000. Bank of New York Mellon Corp raised its position in 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 worth $197,166,000 after buying an additional 4,662,665 shares during the period. Parkwood LLC raised its position in Freeport-McMoran by 380.3% in the first quarter. Parkwood LLC now owns 80,541 shares of the natural resource company’s stock worth $1,076,000 after buying an additional 63,773 shares during the period. ARP Americas LLC purchased a new position in Freeport-McMoran during the first quarter worth $150,000. Finally, Vanguard Group Inc. raised its position in 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 worth $1,776,769,000 after buying an additional 12,897,514 shares during the period. 69.94% of the stock is currently owned by institutional investors and hedge funds.
Freeport-McMoran, Inc. (FCX) opened at 13.97 on Wednesday. The stock has a market capitalization of $20.22 billion, a PE ratio of 19.70 and a beta of 2.59. The stock’s 50 day moving average price is $13.37 and its 200 day moving average price is $13.03. Freeport-McMoran, Inc. has a 1-year low of $9.24 and a 1-year high of $17.06.
Freeport-McMoran (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.21 by $0.04. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The company had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same period in the previous year, the business posted ($0.02) earnings per share. The firm’s revenue was up 11.3% on a year-over-year basis. Equities research analysts forecast that Freeport-McMoran, Inc. will post $0.89 earnings per share for the current year.
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Several equities research analysts have commented on FCX shares. Clarkson Capital restated a “neutral” rating on shares of Freeport-McMoran in a research report on Monday, July 10th. ValuEngine lowered shares of Freeport-McMoran from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Raymond James Financial, Inc. started coverage on shares of Freeport-McMoran in a research report on Tuesday. They set a “market perform” rating and a $15.00 target price on the stock. BidaskClub upgraded shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Finally, BMO Capital Markets set a $17.00 target price on shares of Freeport-McMoran and gave the stock a “hold” rating in a research report on Wednesday, July 26th. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Freeport-McMoran 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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