Advisor Group Inc. lifted its stake in Freeport-McMoRan Inc (NYSE:FCX) by 67.3% in the fourth quarter, HoldingsChannel reports. The firm owned 267,246 shares of the natural resource company’s stock after acquiring an additional 107,458 shares during the quarter. Advisor Group Inc.’s holdings in Freeport-McMoRan were worth $5,067,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. American Beacon Advisors Inc. acquired a new position in Freeport-McMoRan in the fourth quarter worth approximately $131,000. Belpointe Asset Management LLC acquired a new position in Freeport-McMoRan in the third quarter worth approximately $150,000. Americafirst Capital Management LLC acquired a new position in Freeport-McMoRan in the third quarter worth approximately $170,000. Thompson Davis & CO. Inc. increased its holdings in Freeport-McMoRan by 756.8% in the fourth quarter. Thompson Davis & CO. Inc. now owns 9,348 shares of the natural resource company’s stock worth $177,000 after buying an additional 8,257 shares during the last quarter. Finally, Ballew Advisors Inc acquired a new position in Freeport-McMoRan in the fourth quarter worth approximately $190,000. 69.56% of the stock is owned by institutional investors and hedge funds.
In other news, VP C Donald Whitmire, Jr. sold 21,500 shares of the stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $19.49, for a total value of $419,035.00. Following the completion of the sale, 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.29% of the stock is currently owned by corporate insiders.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, January 25th. The natural resource company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.02. Freeport-McMoRan had a return on equity of 16.57% and a net margin of 11.08%. The company had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $4.89 billion. During the same period in the prior year, the business earned $0.25 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 15.2% compared to the same quarter last year. sell-side analysts anticipate that Freeport-McMoRan Inc will post 2.31 EPS for the current fiscal year.
Several brokerages have commented on FCX. UBS Group increased their price target on Freeport-McMoRan from $14.00 to $18.50 and gave the company a “neutral” rating in a report on Tuesday, March 6th. ValuEngine upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Tuesday, February 20th. Stifel Nicolaus increased their price target on Freeport-McMoRan from $16.00 to $18.00 and gave the company a “hold” rating in a report on Tuesday, February 6th. TheStreet upgraded Freeport-McMoRan from a “c” rating to a “b-” rating in a report on Thursday, January 25th. Finally, Bank of America reiterated an “underperform” rating and set a $16.00 price target (up previously from $15.00) on shares of Freeport-McMoRan in a report on Friday, January 26th. Three research 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. The company presently has an average rating of “Hold” and an average price target of $16.49.
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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