Parsons Capital Management Inc. RI decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 48,544 shares of the natural resource company’s stock after selling 1,650 shares during the period. Parsons Capital Management Inc. RI’s holdings in Freeport-McMoRan were worth $527,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Stonebridge Capital Advisors LLC acquired a new stake in Freeport-McMoRan during the second quarter worth about $114,000. Fox Run Management L.L.C. acquired a new stake in Freeport-McMoRan during the second quarter worth about $115,000. M Holdings Securities Inc. acquired a new stake in Freeport-McMoRan during the second quarter worth about $119,000. Swarthmore Group Inc. acquired a new stake in Freeport-McMoRan during the second quarter worth about $125,000. Finally, NEXT Financial Group Inc increased its stake in Freeport-McMoRan by 3.8% in the third quarter. NEXT Financial Group Inc now owns 12,255 shares of the natural resource company’s stock worth $133,000 after buying an additional 443 shares during the last quarter. 69.95% of the stock is currently owned by institutional investors.
Shares of Freeport-McMoRan Inc. (NYSE:FCX) traded down 1.25% during trading on Monday, hitting $15.80. 17,145,878 shares of the company traded hands. Freeport-McMoRan Inc. has a 52-week low of $3.52 and a 52-week high of $16.42. The stock’s market capitalization is $21.51 billion. The company has a 50-day moving average of $11.77 and a 200-day moving average of $11.42.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 25th. The natural resource company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by $0.06. The company earned $3.88 billion during the quarter, compared to analysts’ expectations of $3.95 billion. Freeport-McMoRan had a negative net margin of 58.67% and a negative return on equity of 0.72%. The firm’s quarterly revenue was up 14.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.15) earnings per share. Equities analysts expect that Freeport-McMoRan Inc. will post $0.25 EPS for the current year.
FCX has been the topic of a number of recent research reports. Vetr downgraded shares of Freeport-McMoRan from a “strong-buy” rating to a “buy” rating and set a $11.90 price target on the stock. in a research note on Thursday, September 22nd. Cowen and Company set a $15.00 target price on shares of Freeport-McMoRan and gave the company a “buy” rating in a research note on Tuesday, September 13th. Deutsche Bank AG raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their target price for the company from $12.00 to $12.50 in a research note on Monday, October 3rd. Jefferies Group set a $15.00 target price on shares of Freeport-McMoRan and gave the company a “buy” rating in a research note on Sunday, October 16th. Finally, Barclays PLC increased their target price on shares of Freeport-McMoRan from $10.00 to $11.00 and gave the company an “equal weight” rating in a research note on Monday, August 8th. Six equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the stock. Freeport-McMoRan has a consensus rating of “Hold” and a consensus price target of $11.05.
In other news, Director Courtney Mather bought 150,000 shares of the company’s stock in a transaction on Thursday, October 27th. The stock was bought at an average cost of $10.72 per share, with a total value of $1,608,000.00. Following the transaction, the director now directly owns 65,523 shares in the company, valued at approximately $702,406.56. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.40% of the stock is owned by company insiders.
Freeport-McMoRan Company Profile
Freeport-McMoRan Inc (FCX) is a natural resource company with a portfolio of mineral assets, and oil and natural gas resources. The Company’s segments include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining operations and the U.S. Oil & Gas Operations. It has organized its operations into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines.