Teacher Retirement System of Texas increased its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 61.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,184,194 shares of the natural resource company’s stock after buying an additional 450,461 shares during the period. Teacher Retirement System of Texas’ holdings in Freeport-McMoran were worth $15,821,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of the stock. FMR LLC increased its position in Freeport-McMoran by 104.4% in the first quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock valued at $566,451,000 after buying an additional 21,652,647 shares during the last quarter. Bank of New York Mellon Corp increased its position in Freeport-McMoran by 46.2% in the first quarter. Bank of New York Mellon Corp now owns 14,757,919 shares of the natural resource company’s stock valued at $197,166,000 after buying an additional 4,662,665 shares during the last quarter. TIAA CREF Investment Management LLC increased its position in Freeport-McMoran by 7.8% in the first quarter. TIAA CREF Investment Management LLC now owns 7,419,452 shares of the natural resource company’s stock valued at $99,124,000 after buying an additional 535,832 shares during the last quarter. Westpac Banking Corp increased its position in Freeport-McMoran by 1,493.6% in the first quarter. Westpac Banking Corp now owns 7,038,887 shares of the natural resource company’s stock valued at $102,454,000 after buying an additional 6,597,176 shares during the last quarter. Finally, Manning & Napier Advisors LLC bought a new position in Freeport-McMoran during the first quarter valued at about $84,644,000. 69.84% of the stock is currently owned by institutional investors and hedge funds.
Freeport-McMoran, Inc. (NYSE FCX) traded down 3.02% during midday trading on Tuesday, reaching $11.24. 7,543,935 shares of the company traded hands. The company’s 50-day moving average price is $11.79 and its 200 day moving average price is $13.54. Freeport-McMoran, Inc. has a 12 month low of $9.24 and a 12 month high of $17.06. The firm has a market capitalization of $16.26 billion, a PE ratio of 60.11 and a beta of 2.55.
Freeport-McMoran (NYSE:FCX) last released its earnings results on Tuesday, April 25th. The natural resource company reported $0.15 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.16 by $0.01. The firm had revenue of $3.34 billion during the quarter, compared to analysts’ expectations of $3.51 billion. Freeport-McMoran had a net margin of 1.11% and a return on equity of 7.97%. Freeport-McMoran’s revenue for the quarter was down 5.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.16) earnings per share. On average, equities analysts anticipate that Freeport-McMoran, Inc. will post $1.03 earnings per share for the current year.
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Several equities analysts have issued reports on FCX shares. FBR & Co reaffirmed a “market perform” rating and set a $13.00 price objective on shares of Freeport-McMoran in a report on Tuesday, March 28th. Deutsche Bank AG raised shares of Freeport-McMoran from a “sell” rating to a “hold” rating and increased their price objective for the company from $12.50 to $14.00 in a report on Tuesday, March 21st. Citigroup Inc. started coverage on shares of Freeport-McMoran in a report on Tuesday, February 21st. They set a “neutral” rating and a $16.00 price objective on the stock. Royal Bank Of Canada reaffirmed a “hold” rating and set a $17.00 price objective on shares of Freeport-McMoran in a report on Wednesday, April 19th. Finally, Vetr downgraded shares of Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $14.64 price objective on the stock. in a report on Monday, April 10th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $13.66.
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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