Today, Freeport-McMoRan Inc. (FCX) Position Boosted by Point View Wealth Management Inc.

Today, Freeport-McMoRan Inc. (FCX) Position Boosted by Point View Wealth Management Inc.

Point View Wealth Management Inc. boosted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 3.6% during the third quarter, Holdings Channel reports. The firm owned 17,128 shares of the natural resource company’s stock after buying an additional 589 shares during the period. Point View Wealth Management Inc.’s holdings in Freeport-McMoRan were worth $186,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in Freeport-McMoRan by 239.8% in the first quarter. Wellington Management Group LLP now owns 798,535 shares of the natural resource company’s stock worth $8,257,000 after buying an additional 563,527 shares during the period. Arizona State Retirement System raised its position in Freeport-McMoRan by 1.5% in the first quarter. Arizona State Retirement System now owns 339,462 shares of the natural resource company’s stock worth $3,510,000 after buying an additional 5,000 shares during the period. Seven Eight Capital LLC purchased a new position in Freeport-McMoRan during the first quarter worth approximately $314,000. Ladenburg Thalmann Financial Services Inc. raised its position in Freeport-McMoRan by 20.4% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 207,864 shares of the natural resource company’s stock worth $2,146,000 after buying an additional 35,180 shares during the period. Finally, First Republic Investment Management Inc. raised its position in Freeport-McMoRan by 9.5% in the first quarter. First Republic Investment Management Inc. now owns 123,187 shares of the natural resource company’s stock worth $1,274,000 after buying an additional 10,671 shares during the period. Hedge funds and other institutional investors own 69.95% of the company’s stock.

Freeport-McMoRan Inc. (NYSE:FCX) traded down 1.31% on Monday, reaching $15.79. 19,058,880 shares of the company were exchanged. The company’s 50-day moving average price is $11.77 and its 200-day moving average price is $11.42. The stock’s market capitalization is $21.50 billion. Freeport-McMoRan Inc. has a 12-month low of $3.52 and a 12-month high of $16.42.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, October 25th. The natural resource company reported $0.13 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.06. The firm earned $3.88 billion during the quarter, compared to analyst estimates of $3.95 billion. Freeport-McMoRan had a negative return on equity of 0.72% and a negative net margin of 58.67%. The firm’s revenue for the quarter was up 14.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.15) EPS. Equities research analysts anticipate that Freeport-McMoRan Inc. will post $0.25 earnings per share for the current fiscal year.

A number of equities analysts have commented on FCX shares. Vetr upgraded shares of Freeport-McMoRan from a “buy” rating to a “strong-buy” rating and set a $14.36 price target on the stock in a research report on Tuesday, August 2nd. Barclays PLC boosted their price target on shares of Freeport-McMoRan from $10.00 to $11.00 and gave the company an “equal weight” rating in a research report on Monday, August 8th. Morgan Stanley restated a “hold” rating and issued a $9.00 price target on shares of Freeport-McMoRan in a research report on Tuesday, August 16th. Deutsche Bank AG reduced their price target on shares of Freeport-McMoRan from $12.50 to $12.00 and set a “hold” rating on the stock in a research report on Tuesday, September 13th. Finally, Cowen and Company set a $15.00 target price on shares of Freeport-McMoRan and gave the stock a “buy” rating in a research report on Tuesday, September 13th. Six analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. Freeport-McMoRan has a consensus rating of “Hold” and an average target price of $11.05.

In other news, Director Courtney Mather purchased 150,000 shares of the company’s stock in a transaction dated Thursday, October 27th. The shares were purchased at an average price of $10.72 per share, for a total transaction of $1,608,000.00. Following the transaction, the director now owns 65,523 shares of the company’s stock, valued at $702,406.56. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.40% of the stock is currently owned by 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.

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