MetLife Investment Advisors LLC cut its holdings in shares of Freeport-McMoRan Inc (NYSE:FCX) by 2.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 396,637 shares of the natural resource company’s stock after selling 8,576 shares during the quarter. MetLife Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $6,846,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of FCX. Robeco Institutional Asset Management B.V. increased its holdings in Freeport-McMoRan by 22.3% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 257,290 shares of the natural resource company’s stock worth $4,520,000 after purchasing an additional 46,925 shares during the last quarter. Aperio Group LLC increased its holdings in Freeport-McMoRan by 8.1% during the 1st quarter. Aperio Group LLC now owns 659,983 shares of the natural resource company’s stock worth $11,596,000 after purchasing an additional 49,486 shares during the last quarter. O Shaughnessy Asset Management LLC purchased a new stake in Freeport-McMoRan during the 1st quarter worth approximately $394,000. Thrivent Financial for Lutherans increased its holdings in Freeport-McMoRan by 55.5% during the 1st quarter. Thrivent Financial for Lutherans now owns 345,824 shares of the natural resource company’s stock worth $6,076,000 after purchasing an additional 123,368 shares during the last quarter. Finally, Signaturefd LLC purchased a new stake in Freeport-McMoRan during the 1st quarter worth approximately $147,000. Institutional investors own 71.79% of the company’s stock.
Several research analysts have recently commented on the company. Zacks Investment Research lowered Freeport-McMoRan from a “hold” rating to a “strong sell” rating in a research report on Monday, May 28th. Clarkson Capital lowered Freeport-McMoRan from a “buy” rating to a “neutral” rating and set a $15.00 target price for the company. in a research report on Tuesday, September 11th. Morgan Stanley lifted their target price on Freeport-McMoRan from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Friday, June 29th. Berenberg Bank reiterated a “sell” rating and issued a $15.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, May 23rd. Finally, ValuEngine lowered Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 15th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company’s stock. Freeport-McMoRan currently has a consensus rating of “Hold” and a consensus target price of $17.81.
Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Wednesday, July 25th. The natural resource company reported $0.58 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.04. Freeport-McMoRan had a return on equity of 24.01% and a net margin of 14.87%. The business had revenue of $5.17 billion during the quarter, compared to analyst estimates of $4.97 billion. During the same quarter in the previous year, the firm posted $0.17 EPS. The business’s revenue for the quarter was up 39.3% compared to the same quarter last year. equities analysts expect that Freeport-McMoRan Inc will post 1.92 EPS for the current fiscal year.
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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