Juncture Wealth Strategies LLC acquired a new position in Freeport-McMoRan Inc (NYSE:FCX) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 11,200 shares of the natural resource company’s stock, valued at approximately $175,000.
Other institutional investors also recently made changes to their positions in the company. Polunin Capital Partners Ltd purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter worth approximately $54,892,000. FMR LLC increased its position in Freeport-McMoRan by 94.4% in the second quarter. FMR LLC now owns 9,118,532 shares of the natural resource company’s stock worth $105,502,000 after purchasing an additional 4,427,692 shares during the last quarter. Nuveen Asset Management LLC raised its stake in Freeport-McMoRan by 61.1% during the second quarter. Nuveen Asset Management LLC now owns 11,163,448 shares of the natural resource company’s stock valued at $129,161,000 after purchasing an additional 4,232,334 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Freeport-McMoRan by 15.8% during the second quarter. Bank of New York Mellon Corp now owns 26,224,564 shares of the natural resource company’s stock valued at $303,417,000 after purchasing an additional 3,576,327 shares during the last quarter. Finally, Crake Asset Management LLP grew its stake in shares of Freeport-McMoRan by 679.9% in the 2nd quarter. Crake Asset Management LLP now owns 2,495,787 shares of the natural resource company’s stock worth $28,876,000 after buying an additional 2,175,787 shares in the last quarter. 69.59% of the stock is currently owned by institutional investors.
Freeport-McMoRan stock opened at $17.15 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.46 and a quick ratio of 1.15. The stock has a market cap of $24.91 billion, a price-to-earnings ratio of -42.87 and a beta of 2.31. The firm has a 50-day moving average of $16.13 and a two-hundred day moving average of $12.06. Freeport-McMoRan Inc has a 1 year low of $4.82 and a 1 year high of $17.50.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.06. The firm had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.06 billion. Freeport-McMoRan had a negative return on equity of 0.98% and a negative net margin of 4.28%. Freeport-McMoRan’s quarterly revenue was down 13.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.04) earnings per share. Research analysts expect that Freeport-McMoRan Inc will post 0.46 earnings per share for the current year.
A number of research analysts recently commented on FCX shares. Credit Suisse Group increased their price target on shares of Freeport-McMoRan from $11.00 to $11.50 and gave the company a “neutral” rating in a report on Tuesday, July 7th. TheStreet raised Freeport-McMoRan from a “d+” rating to a “c” rating in a research note on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft started coverage on Freeport-McMoRan in a research report on Thursday, October 1st. They set a “buy” rating on the stock. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $12.50 to $19.00 in a research report on Wednesday, September 23rd. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $24.00 price objective on shares of Freeport-McMoRan in a research report on Friday, September 25th. Six investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $15.57.
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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