Employees Retirement System of Texas lifted its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 26.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 138,000 shares of the natural resource company’s stock after buying an additional 29,000 shares during the quarter. Employees Retirement System of Texas’ holdings in Freeport-McMoRan were worth $2,616,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Thompson Davis & CO. Inc. increased its position in shares of Freeport-McMoRan by 756.8% during the fourth quarter. Thompson Davis & CO. Inc. now owns 9,348 shares of the natural resource company’s stock worth $177,000 after acquiring an additional 8,257 shares during the period. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Freeport-McMoRan during the third quarter worth approximately $140,000. Ballew Advisors Inc purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth approximately $190,000. Sowell Financial Services LLC purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth approximately $196,000. Finally, Rothschild Investment Corp IL purchased a new position in Freeport-McMoRan during the third quarter valued at approximately $147,000. 68.40% of the stock is currently owned by institutional investors and hedge funds.
In other Freeport-McMoRan news, VP C Donald Whitmire, Jr. sold 21,500 shares of Freeport-McMoRan stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $19.49, for a total value of $419,035.00. Following the transaction, the vice president now directly owns 70,239 shares of the company’s stock, valued at $1,368,958.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.29% of the stock is currently owned by insiders.
Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, January 25th. The natural resource company reported $0.51 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.02. Freeport-McMoRan had a net margin of 11.08% and a return on equity of 16.57%. The business had revenue of $5.04 billion for the quarter, compared to analyst estimates of $4.89 billion. During the same period in the previous year, the company earned $0.25 earnings per share. The business’s revenue for the quarter was up 15.2% on a year-over-year basis. sell-side analysts anticipate that Freeport-McMoRan Inc will post 2.31 EPS for the current fiscal year.
Several equities analysts recently issued reports on the stock. B. Riley reissued a “neutral” rating on shares of Freeport-McMoRan in a report on Wednesday, November 1st. TheStreet raised shares of Freeport-McMoRan from a “c” rating to a “b-” rating in a report on Thursday, January 25th. CIBC lowered shares of Freeport-McMoRan from a “sector outperform” rating to a “neutral” rating in a report on Monday, January 22nd. Zacks Investment Research lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Tuesday, January 9th. Finally, Bank of America reissued an “underperform” rating and set a $16.00 price objective (up from $15.00) on shares of Freeport-McMoRan in a report on Friday, January 26th. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $16.25.
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Freeport-McMoRan Company Profile
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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