Grandfield & Dodd LLC maintained its position in Freeport-McMoRan Inc. (NYSE:FCX) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,618 shares of the natural resource company’s stock at the end of the second quarter. Grandfield & Dodd LLC’s holdings in Freeport-McMoRan were worth $152,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fox Run Management L.L.C. purchased a new position in Freeport-McMoRan during the second quarter worth $115,000. Silvercrest Asset Management Group LLC purchased a new position in Freeport-McMoRan during the first quarter worth $120,000. Swarthmore Group Inc. purchased a new position in Freeport-McMoRan during the second quarter worth $125,000. Bessemer Group Inc. increased its position in Freeport-McMoRan by 260.4% in the first quarter. Bessemer Group Inc. now owns 13,509 shares of the natural resource company’s stock worth $140,000 after buying an additional 9,761 shares during the period. Finally, Atria Investments LLC purchased a new position in Freeport-McMoRan during the second quarter worth $141,000. 67.78% of the stock is owned by institutional investors and hedge funds.
Shares of Freeport-McMoRan Inc. (NYSE:FCX) traded down 1.65% during trading on Friday, reaching $10.13. The company had a trading volume of 34,390,569 shares. The company’s 50 day moving average is $10.67 and its 200-day moving average is $11.20. The stock’s market capitalization is $13.46 billion. Freeport-McMoRan Inc. has a 1-year low of $3.52 and a 1-year high of $14.20.
Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 26th. The natural resource company reported ($0.02) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by $0.01. Freeport-McMoRan had a negative return on equity of 3.68% and a negative net margin of 87.70%. The firm earned $3.33 billion during the quarter, compared to analysts’ expectations of $3.70 billion. During the same period in the prior year, the firm posted $0.14 earnings per share. Freeport-McMoRan’s revenue for the quarter was down 15.3% compared to the same quarter last year. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post $0.45 earnings per share for the current year.
A number of research firms have weighed in on FCX. Macquarie reiterated a “neutral” rating and set a $10.00 target price on shares of Freeport-McMoRan in a report on Tuesday, June 21st. Morgan Stanley restated a “hold” rating and issued a $9.00 price target on shares of Freeport-McMoRan in a research note on Tuesday, August 16th. HSBC restated a “buy” rating on shares of Freeport-McMoRan in a research note on Thursday, July 7th. Vetr upgraded Freeport-McMoRan from a “buy” rating to a “strong-buy” rating and set a $14.36 price target on the stock in a research note on Tuesday, August 2nd. Finally, BMO Capital Markets restated a “hold” rating on shares of Freeport-McMoRan in a research note on Wednesday, July 27th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $10.43.
Freeport-McMoRan Inc (FCX) is a natural resource company with a portfolio of mineral assets, and oil and natural gas resources. The Company’s segments include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining operations and the U.S. Oil & Gas Operations. It has organized its operations into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines.
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