Iberiabank Corp cut its position in shares of Freeport-McMoRan Inc (NYSE:FCX) by 44.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,031 shares of the natural resource company’s stock after selling 15,019 shares during the period. Iberiabank Corp’s holdings in Freeport-McMoRan were worth $220,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. First PREMIER Bank purchased a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $30,000. Jacobi Capital Management LLC increased its stake in Freeport-McMoRan by 48.0% during the first quarter. Jacobi Capital Management LLC now owns 4,508 shares of the natural resource company’s stock worth $30,000 after acquiring an additional 1,463 shares during the last quarter. FNY Investment Advisers LLC raised its position in Freeport-McMoRan by 900.0% during the first quarter. FNY Investment Advisers LLC now owns 5,000 shares of the natural resource company’s stock valued at $33,000 after purchasing an additional 4,500 shares during the period. WASHINGTON TRUST Co bought a new stake in shares of Freeport-McMoRan in the 1st quarter valued at approximately $42,000. Finally, First Mercantile Trust Co. bought a new stake in shares of Freeport-McMoRan in the 1st quarter valued at approximately $43,000. Institutional investors and hedge funds own 71.16% of the company’s stock.
Several analysts recently weighed in on FCX shares. CIBC increased their price target on Freeport-McMoRan from $11.00 to $14.00 and gave the company an “outperform” rating in a report on Tuesday, July 7th. BMO Capital Markets increased their target price on shares of Freeport-McMoRan from $15.00 to $17.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Raymond James set a $13.50 price target on shares of Freeport-McMoRan and gave the stock a “market perform” rating in a research note on Friday, July 24th. Zacks Investment Research upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a report on Wednesday, June 24th. Finally, Deutsche Bank raised their price objective on shares of Freeport-McMoRan from $13.50 to $16.00 and gave the stock a “buy” rating in a research note on Thursday. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $14.03.
FCX opened at $12.92 on Friday. The company has a quick ratio of 1.15, a current ratio of 2.46 and a debt-to-equity ratio of 0.57. The stock’s fifty day moving average is $12.03 and its two-hundred day moving average is $10.16. The company has a market capitalization of $18.76 billion, a P/E ratio of -32.30 and a beta of 2.27. Freeport-McMoRan Inc has a 52 week low of $4.82 and a 52 week high of $13.86.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.06. Freeport-McMoRan had a negative return on equity of 0.98% and a negative net margin of 4.28%. The firm had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.06 billion. During the same quarter last year, the firm posted ($0.04) earnings per share. The business’s revenue for the quarter was down 13.9% on a year-over-year basis. Equities analysts anticipate that Freeport-McMoRan Inc will post 0.28 earnings per share for the current year.
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
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