Van ECK Associates Corp Sells 24,489 Shares of Freeport-McMoran, Inc. (FCX)
Van ECK Associates Corp trimmed its position in Freeport-McMoran, Inc. (NYSE:FCX) by 0.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,847,249 shares of the natural resource company’s stock after selling 24,489 shares during the period. Van ECK Associates Corp owned about 0.27% of Freeport-McMoran worth $46,205,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. First Manhattan Co. lifted its holdings in Freeport-McMoran by 0.3% in the 2nd quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock valued at $120,000 after purchasing an additional 33 shares in the last quarter. Outfitter Advisors LTD. acquired a new position in shares of Freeport-McMoran during the 2nd quarter valued at about $121,000. Fisher Asset Management LLC acquired a new position in shares of Freeport-McMoran during the 2nd quarter valued at about $122,000. Partnervest Advisory Services LLC acquired a new position in shares of Freeport-McMoran during the 2nd quarter valued at about $123,000. Finally, Advantage Investment Management LLC increased its stake in shares of Freeport-McMoran by 5.6% during the 1st quarter. Advantage Investment Management LLC now owns 9,402 shares of the natural resource company’s stock valued at $126,000 after acquiring an additional 500 shares during the last quarter. Institutional investors own 67.94% of the company’s stock.
In other Freeport-McMoran news, COO Harry M. Iv Conger acquired 36,180 shares of Freeport-McMoran stock in a transaction on Thursday, September 7th. The shares were bought at an average price 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 in the company, valued at $1,126,151.89. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.40% of the stock is currently owned by insiders.
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Freeport-McMoran, Inc. (FCX) traded down 0.8204% during midday trading on Wednesday, reaching $14.3612. The company’s stock had a trading volume of 4,302,920 shares. The firm has a 50 day moving average price of $14.57 and a 200 day moving average price of $12.98. The firm has a market capitalization of $20.79 billion, a PE ratio of 20.2556 and a beta of 2.57. Freeport-McMoran, Inc. has a 1-year low of $9.24 and a 1-year high of $17.06. Freeport-McMoran also saw unusually large options trading on Monday. Traders bought 59,805 call options on the company. This is an increase of approximately 168% compared to the average volume of 22,335 call options.
Freeport-McMoran (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.04). The business had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.67 billion. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. Freeport-McMoran’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.02) EPS. On average, analysts predict that Freeport-McMoran, Inc. will post $0.95 EPS for the current year.
A number of research firms have recently commented on FCX. Raymond James Financial, Inc. began coverage on shares of Freeport-McMoran in a research note on Tuesday, August 15th. They set a “market perform” rating and a $15.00 price objective for the company. CIBC assumed coverage on shares of Freeport-McMoran in a research report on Friday, September 15th. They set a “sector outperform” rating and a $18.00 target price for the company. FBR & Co reissued a “market perform” rating and set a $13.00 target price (up previously from $12.00) on shares of Freeport-McMoran in a research report on Thursday, July 27th. Jefferies Group LLC reissued a “buy” rating and set a $18.00 target price on shares of Freeport-McMoran in a research report on Thursday, July 27th. Finally, Zacks Investment Research raised shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a research report on Friday, July 28th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Freeport-McMoran has a consensus rating of “Hold” and an average price target of $15.51.
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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