Level Four Advisory Services LLC raised its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 7.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,324 shares of the natural resource company’s stock after buying an additional 1,147 shares during the period. Level Four Advisory Services LLC’s holdings in Freeport-McMoran were worth $233,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Russell Investments Group Ltd. purchased a new stake in Freeport-McMoran during the fourth quarter worth about $2,632,000. Dynamic Technology Lab Private Ltd purchased a new stake in Freeport-McMoran during the fourth quarter worth about $278,000. Menta Capital LLC increased its stake in Freeport-McMoran by 177.7% in the fourth quarter. Menta Capital LLC now owns 44,160 shares of the natural resource company’s stock worth $582,000 after buying an additional 28,260 shares during the last quarter. AQR Capital Management LLC increased its stake in Freeport-McMoran by 14.6% in the fourth quarter. AQR Capital Management LLC now owns 3,067,328 shares of the natural resource company’s stock worth $40,458,000 after buying an additional 389,926 shares during the last quarter. Finally, Cigna Investments Inc. New purchased a new stake in Freeport-McMoran during the fourth quarter worth about $608,000. 69.46% of the stock is currently owned by institutional investors.
Shares of Freeport-McMoran, Inc. (NYSE:FCX) opened at 13.00 on Tuesday. The firm has a 50 day moving average price of $11.71 and a 200 day moving average price of $13.34. Freeport-McMoran, Inc. has a one year low of $9.24 and a one year high of $17.06. The stock has a market capitalization of $18.81 billion, a PE ratio of 69.52 and a beta of 2.55.
Freeport-McMoran (NYSE:FCX) last released its quarterly earnings results on Tuesday, April 25th. The natural resource company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.16 by $0.01. Freeport-McMoran had a return on equity of 7.97% and a net margin of 1.11%. The firm had revenue of $3.34 billion for the quarter, compared to analysts’ expectations of $3.51 billion. During the same quarter in the prior year, the business earned ($0.16) earnings per share. The company’s quarterly revenue was down 5.3% on a year-over-year basis. Analysts predict that Freeport-McMoran, Inc. will post $0.99 earnings per share for the current fiscal year.
A number of analysts have issued reports on FCX shares. Vetr raised Freeport-McMoran from a “buy” rating to a “strong-buy” rating and set a $14.36 price objective on the stock in a research note on Monday, May 1st. Zacks Investment Research downgraded Freeport-McMoran from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. Jefferies Group LLC lifted their price objective on Freeport-McMoran to $16.00 and gave the stock a “buy” rating in a research note on Tuesday, March 28th. Deutsche Bank AG raised Freeport-McMoran from a “sell” rating to a “hold” rating and lifted their price objective for the stock from $12.50 to $14.00 in a research note on Tuesday, March 21st. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $17.00 target price on shares of Freeport-McMoran in a report on Wednesday, April 19th. Five research analysts have rated the stock with a sell rating, nine have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $13.77.
Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.
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