State Treasurer State of Michigan lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 2.0% during the third quarter, Holdings Channel reports. The fund owned 426,443 shares of the natural resource company’s stock after selling 8,500 shares during the period. State Treasurer State of Michigan’s holdings in Freeport-McMoRan were worth $4,631,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of FCX. Staley Capital Advisers Inc. increased its stake in shares of Freeport-McMoRan by 31.4% in the third quarter. Staley Capital Advisers Inc. now owns 1,057,305 shares of the natural resource company’s stock worth $11,482,000 after buying an additional 252,900 shares during the last quarter. Advisor Partners LLC increased its stake in shares of Freeport-McMoRan by 10.7% in the third quarter. Advisor Partners LLC now owns 47,522 shares of the natural resource company’s stock worth $516,000 after buying an additional 4,577 shares during the last quarter. TradeLink Capital LLC increased its stake in shares of Freeport-McMoRan by 31.3% in the third quarter. TradeLink Capital LLC now owns 17,212 shares of the natural resource company’s stock worth $187,000 after buying an additional 4,100 shares during the last quarter. Quantitative Investment Management LLC increased its stake in shares of Freeport-McMoRan by 289.3% in the third quarter. Quantitative Investment Management LLC now owns 495,200 shares of the natural resource company’s stock worth $5,377,000 after buying an additional 368,000 shares during the last quarter. Finally, First Trust Advisors LP acquired a new stake in shares of Freeport-McMoRan during the third quarter worth about $2,614,000. 68.54% of the stock is owned by hedge funds and other institutional investors.
Freeport-McMoRan Inc. (NYSE:FCX) opened at 16.00 on Friday. The stock has a 50 day moving average price of $11.77 and a 200-day moving average price of $11.42. Freeport-McMoRan Inc. has a 12-month low of $3.52 and a 12-month high of $16.42. The firm’s market cap is $21.79 billion.
Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, October 25th. The natural resource company reported $0.13 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by $0.06. Freeport-McMoRan had a negative return on equity of 0.72% and a negative net margin of 58.67%. The company earned $3.88 billion during the quarter, compared to analysts’ expectations of $3.95 billion. During the same period in the previous year, the company earned ($0.15) EPS. Freeport-McMoRan’s quarterly revenue was up 14.6% on a year-over-year basis. Equities analysts forecast that Freeport-McMoRan Inc. will post $0.25 earnings per share for the current year.
A number of equities analysts recently commented on FCX shares. Vetr upgraded Freeport-McMoRan from a “sell” rating to a “buy” rating and set a $17.30 target price for the company in a report on Thursday. Cowen and Company raised their target price on Freeport-McMoRan from $15.00 to $20.00 and gave the company an “outperform” rating in a report on Monday, November 21st. Deutsche Bank AG cut Freeport-McMoRan from a “buy” rating to a “hold” rating and lowered their target price for the company from $13.80 to $12.50 in a report on Thursday, November 17th. They noted that the move was a valuation call. Finally, FBR & Co restated a “neutral” rating on shares of Freeport-McMoRan in a report on Wednesday, October 26th. Five analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $11.19.
In other Freeport-McMoRan news, Director Courtney Mather purchased 150,000 shares of Freeport-McMoRan stock in a transaction that occurred on Thursday, October 27th. The stock was purchased at an average price of $10.72 per share, with a total value of $1,608,000.00. Following the completion of the acquisition, the director now owns 65,523 shares of the company’s stock, valued at approximately $702,406.56. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.40% of the stock is owned by corporate 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.