Utah Retirement Systems Has $2.98 Million Position in Freeport-McMoran, Inc. (FCX)
Utah Retirement Systems raised its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 2.1% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 248,026 shares of the natural resource company’s stock after buying an additional 5,200 shares during the period. Utah Retirement Systems’ holdings in Freeport-McMoran were worth $2,979,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. FMR LLC boosted its stake in Freeport-McMoran by 104.4% in the first quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock valued at $566,451,000 after buying an additional 21,652,647 shares in the last quarter. Vanguard Group Inc. boosted 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. Westpac Banking Corp boosted its position in shares of Freeport-McMoran by 1,493.6% in the first quarter. Westpac Banking Corp now owns 7,038,887 shares of the natural resource company’s stock valued at $102,454,000 after buying an additional 6,597,176 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Freeport-McMoran by 39.4% in the second quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock valued at $247,029,000 after buying an additional 5,810,712 shares during the period. Finally, Capital Growth Management LP purchased a new position in shares of Freeport-McMoran during the first quarter valued at about $71,743,000. Hedge funds and other institutional investors own 67.94% of the company’s stock.
Shares of Freeport-McMoran, Inc. (NYSE FCX) opened at 14.56 on Thursday. Freeport-McMoran, Inc. has a 52-week low of $9.24 and a 52-week high of $17.06. The company’s 50-day moving average price is $13.97 and its 200-day moving average price is $12.99. The firm has a market cap of $21.07 billion, a PE ratio of 20.54 and a beta of 2.59.
Freeport-McMoran (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the 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 last year, the firm posted ($0.02) earnings per share. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. Equities analysts expect that Freeport-McMoran, Inc. will post $0.89 earnings per share for the current fiscal year.
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FCX has been the topic of several research analyst reports. Jefferies Group LLC lowered their price target on Freeport-McMoran from $16.00 to $14.50 and set a “buy” rating on the stock in a research report on Thursday, June 8th. Deutsche Bank AG reiterated a “hold” rating and set a $13.00 price target (down from $14.00) on shares of Freeport-McMoran in a research report on Sunday, June 25th. BidaskClub upgraded Freeport-McMoran from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. BMO Capital Markets reiterated a “hold” rating and set a $15.00 price target on shares of Freeport-McMoran in a research report on Thursday, June 29th. Finally, Zacks Investment Research cut Freeport-McMoran from a “hold” rating to a “sell” rating in a research report on Wednesday, July 5th. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $14.65.
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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