CIBC Asset Management Inc Has $1.48 Million Position in Freeport-McMoran, Inc. (FCX)

CIBC Asset Management Inc cut its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 0.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 123,024 shares of the natural resource company’s stock after selling 369 shares during the period. CIBC Asset Management Inc’s holdings in Freeport-McMoran were worth $1,478,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Acrospire Investment Management LLC purchased a new stake in shares of Freeport-McMoran during the first quarter valued at approximately $122,000. Advantage Investment Management LLC increased its stake in shares of Freeport-McMoran by 5.6% in the first quarter. Advantage Investment Management LLC now owns 9,402 shares of the natural resource company’s stock valued at $126,000 after buying an additional 500 shares in the last quarter. Atria Investments LLC purchased a new stake in shares of Freeport-McMoran during the first quarter valued at approximately $134,000. Leavell Investment Management Inc. purchased a new stake in shares of Freeport-McMoran during the first quarter valued at approximately $134,000. Finally, Fisher Asset Management LLC purchased a new stake in shares of Freeport-McMoran during the second quarter valued at approximately $122,000. Institutional investors own 69.45% of the company’s stock.

Freeport-McMoran, Inc. (NYSE:FCX) opened at 14.15 on Friday. Freeport-McMoran, Inc. has a 1-year low of $9.24 and a 1-year high of $17.06. The stock has a 50 day moving average of $13.16 and a 200 day moving average of $13.13. The stock has a market cap of $20.48 billion, a P/E ratio of 19.96 and a beta of 2.59.

Freeport-McMoran (NYSE:FCX) last released its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by $0.04. The firm had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.67 billion. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The company’s revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.02) earnings per share. Equities analysts anticipate that Freeport-McMoran, Inc. will post $0.87 EPS for the current fiscal year.

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Several brokerages have recently commented on FCX. FBR & Co reiterated a “market perform” rating and issued a $13.00 target price (up previously from $12.00) on shares of Freeport-McMoran in a report on Thursday, July 27th. Berenberg Bank set a $10.00 price objective on shares of Freeport-McMoran and gave the stock a “sell” rating in a report on Friday, July 28th. Jefferies Group LLC restated a “buy” rating and set a $18.00 price objective on shares of Freeport-McMoran in a report on Thursday, July 27th. Cowen and Company raised their price objective on shares of Freeport-McMoran from $20.00 to $22.00 and gave the stock an “outperform” rating in a report on Thursday, July 27th. Finally, Zacks Investment Research upgraded shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a report on Friday, July 28th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Freeport-McMoran has a consensus rating of “Hold” and an average target price of $14.27.

About Freeport-McMoran

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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Institutional Ownership by Quarter for Freeport-McMoran (NYSE:FCX)

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