Raymond James Financial Services Advisors Inc. grew its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 78.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 347,184 shares of the natural resource company’s stock after acquiring an additional 152,605 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Freeport-McMoRan were worth $5,430,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the company. Valeo Financial Advisors LLC raised its holdings in shares of Freeport-McMoRan by 65.0% in the third quarter. Valeo Financial Advisors LLC now owns 2,277 shares of the natural resource company’s stock valued at $36,000 after purchasing an additional 897 shares during the last quarter. Danda Trouve Investment Management Inc. increased its stake in Freeport-McMoRan by 310.0% in the 3rd quarter. Danda Trouve Investment Management Inc. now owns 4,100 shares of the natural resource company’s stock valued at $64,000 after buying an additional 3,100 shares during the last quarter. CWM LLC lifted its position in Freeport-McMoRan by 79.7% during the 3rd quarter. CWM LLC now owns 4,894 shares of the natural resource company’s stock worth $77,000 after buying an additional 2,171 shares in the last quarter. James Investment Research Inc. acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth about $79,000. Finally, Flagship Harbor Advisors LLC grew its holdings in shares of Freeport-McMoRan by 185.8% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 5,713 shares of the natural resource company’s stock valued at $66,000 after acquiring an additional 3,714 shares in the last quarter. 69.59% of the stock is owned by institutional investors.
Several research analysts recently commented on FCX shares. BMO Capital Markets increased their price target on Freeport-McMoRan from $19.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, October 23rd. Citigroup cut shares of Freeport-McMoRan from a “buy” rating to a “neutral” rating in a research note on Monday, October 12th. TheStreet upgraded shares of Freeport-McMoRan from a “d+” rating to a “c” rating in a report on Thursday, July 23rd. Credit Suisse Group increased their price target on shares of Freeport-McMoRan from $14.50 to $17.00 and gave the company a “neutral” rating in a research note on Friday, October 23rd. Finally, The Goldman Sachs Group initiated coverage on shares of Freeport-McMoRan in a research note on Wednesday. They set a “conviction-buy” rating and a $25.00 price objective on the stock. Six analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. Freeport-McMoRan presently has an average rating of “Buy” and a consensus price target of $17.56.
FCX opened at $20.14 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.61 and a quick ratio of 1.35. The business has a fifty day simple moving average of $17.31 and a 200 day simple moving average of $13.55. Freeport-McMoRan Inc. has a 1 year low of $4.82 and a 1 year high of $21.29. The company has a market capitalization of $29.25 billion, a PE ratio of -223.75 and a beta of 2.23.
Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, October 22nd. The natural resource company reported $0.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.08. Freeport-McMoRan had a negative net margin of 0.73% and a positive return on equity of 1.56%. The company had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $3.68 billion. During the same quarter in the previous year, the business posted $0.01 earnings per share. Freeport-McMoRan’s quarterly revenue was up 16.4% on a year-over-year basis. Equities analysts anticipate that Freeport-McMoRan Inc. will post 0.5 earnings per share for the current fiscal year.
Freeport-McMoRan Company Profile
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. 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 in Peru and El Abra in Chile.
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