Penserra Capital Management LLC lifted its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 53.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,517 shares of the natural resource company’s stock after acquiring an additional 6,105 shares during the quarter. Penserra Capital Management LLC’s holdings in Freeport-McMoRan were worth $178,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FCX. Fisher Asset Management LLC lifted its holdings in Freeport-McMoRan by 122.8% during the third quarter. Fisher Asset Management LLC now owns 32,256,568 shares of the natural resource company’s stock worth $449,011,000 after acquiring an additional 17,780,072 shares during the period. BlackRock Inc. lifted its holdings in shares of Freeport-McMoRan by 8.9% during the 3rd quarter. BlackRock Inc. now owns 102,252,475 shares of the natural resource company’s stock valued at $1,423,352,000 after buying an additional 8,364,557 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Freeport-McMoRan by 28.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 27,267,197 shares of the natural resource company’s stock valued at $470,631,000 after buying an additional 6,041,164 shares during the period. Vanguard Group Inc lifted its holdings in shares of Freeport-McMoRan by 3.6% during the 3rd quarter. Vanguard Group Inc now owns 154,818,850 shares of the natural resource company’s stock valued at $2,155,078,000 after buying an additional 5,375,340 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Freeport-McMoRan by 3.6% in the 3rd quarter. Vanguard Group Inc. now owns 154,818,850 shares of the natural resource company’s stock worth $2,155,078,000 after purchasing an additional 5,375,340 shares during the period. 70.78% of the stock is owned by institutional investors and hedge funds.
Several equities analysts recently issued reports on the company. Citigroup upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $14.00 to $16.00 in a research report on Tuesday, February 19th. Raymond James restated a “market perform” rating and set a $16.00 target price on shares of Freeport-McMoRan in a research report on Monday, December 24th. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and decreased their target price for the stock from $16.00 to $14.00 in a research report on Tuesday, February 12th. ValuEngine upgraded Freeport-McMoRan from a “strong sell” rating to a “sell” rating in a research report on Thursday, January 10th. Finally, Credit Suisse Group initiated coverage on Freeport-McMoRan in a research report on Wednesday, January 9th. They set a “neutral” rating and a $12.00 target price for the company. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the stock. Freeport-McMoRan currently has a consensus rating of “Hold” and a consensus price target of $16.13.
Shares of Freeport-McMoRan stock traded down $0.34 during trading on Thursday, hitting $12.32. 14,938,694 shares of the company were exchanged, compared to its average volume of 23,456,523. The firm has a market capitalization of $18.35 billion, a P/E ratio of 8.11 and a beta of 2.27. Freeport-McMoRan Inc has a 1-year low of $9.60 and a 1-year high of $19.70. The company has a current ratio of 3.22, a quick ratio of 1.79 and a debt-to-equity ratio of 0.62.
Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, January 24th. The natural resource company reported $0.11 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.07). The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.86 billion. Freeport-McMoRan had a return on equity of 15.77% and a net margin of 12.12%. Freeport-McMoRan’s quarterly revenue was down 26.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.51 earnings per share. Research analysts anticipate that Freeport-McMoRan Inc will post 0.44 EPS for the current fiscal year.
In other news, VP C Donald Whitmire, Jr. sold 7,425 shares of Freeport-McMoRan stock in a transaction dated Tuesday, February 12th. The stock was sold at an average price of $11.58, for a total transaction of $85,981.50. Following the sale, the vice president now directly owns 67,974 shares of the company’s stock, valued at $787,138.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.05% of the company’s stock.
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Freeport-McMoRan Company Profile
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
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