ARP Americas LP grew its holdings in Freeport-McMoRan Inc (NYSE:FCX) by 137.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 56,000 shares of the natural resource company’s stock after purchasing an additional 32,372 shares during the quarter. ARP Americas LP’s holdings in Freeport-McMoRan were worth $1,062,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of FCX. Bank of New York Mellon Corp raised its stake in shares of Freeport-McMoRan by 18.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 24,292,902 shares of the natural resource company’s stock valued at $341,073,000 after acquiring an additional 3,724,271 shares during the period. Oakmont Corp purchased a new position in shares of Freeport-McMoRan in the 3rd quarter valued at $41,553,000. Contrarius Investment Management Ltd raised its stake in shares of Freeport-McMoRan by 74.3% in the 3rd quarter. Contrarius Investment Management Ltd now owns 6,176,460 shares of the natural resource company’s stock valued at $86,717,000 after acquiring an additional 2,633,409 shares during the period. Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of Freeport-McMoRan by 141.7% in the 4th quarter. Los Angeles Capital Management & Equity Research Inc. now owns 4,152,745 shares of the natural resource company’s stock valued at $78,736,000 after acquiring an additional 2,434,376 shares during the period. Finally, Cornerstone Capital Management Holdings LLC. raised its stake in shares of Freeport-McMoRan by 522.6% in the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 2,554,280 shares of the natural resource company’s stock valued at $35,861,000 after acquiring an additional 2,144,008 shares during the period. 68.40% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have recently commented on the stock. B. Riley reissued a “neutral” rating on shares of Freeport-McMoRan in a research note on Wednesday, November 1st. TheStreet raised shares of Freeport-McMoRan from a “c” rating to a “b-” rating in a research note on Thursday, January 25th. ValuEngine raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Tuesday. Zacks Investment Research downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday, January 9th. Finally, CIBC downgraded shares of Freeport-McMoRan from a “sector outperform” rating to a “neutral” rating in a research note on Monday, January 22nd. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating, five have assigned 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 $16.24.
In other news, VP C Donald Whitmire, Jr. sold 21,500 shares of the business’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $19.49, for a total value of $419,035.00. Following the completion of the sale, the vice president now owns 70,239 shares of the company’s stock, valued at approximately $1,368,958.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.29% of the stock is currently owned by insiders.
Shares of Freeport-McMoRan Inc (NYSE FCX) opened at $18.43 on Wednesday. Freeport-McMoRan Inc has a one year low of $11.05 and a one year high of $20.25. The stock has a market cap of $26,720.00, a price-to-earnings ratio of 15.36 and a beta of 2.48. The company has a current ratio of 2.14, a quick ratio of 1.37 and a debt-to-equity ratio of 1.04.
Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, January 25th. The natural resource company reported $0.51 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.02. Freeport-McMoRan had a net margin of 11.08% and a return on equity of 16.57%. The firm had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $4.89 billion. During the same quarter in the previous year, the firm posted $0.25 EPS. The firm’s quarterly revenue was up 15.2% on a year-over-year basis. analysts expect that Freeport-McMoRan Inc will post 2.31 earnings per share for the current fiscal year.
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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