SRB Corp Acquires 7,201 Shares of Freeport-McMoRan Inc (NYSE:FCX)

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SRB Corp boosted its holdings in shares of Freeport-McMoRan Inc (NYSE:FCX) by 15.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,343 shares of the natural resource company’s stock after buying an additional 7,201 shares during the period. SRB Corp’s holdings in Freeport-McMoRan were worth $713,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of FCX. Rational Advisors LLC acquired a new stake in Freeport-McMoRan during the fourth quarter worth $26,000. Lindbrook Capital LLC acquired a new stake in Freeport-McMoRan during the fourth quarter worth $28,000. JOYN Advisors Inc. boosted its stake in Freeport-McMoRan by 141.1% during the fourth quarter. JOYN Advisors Inc. now owns 2,806 shares of the natural resource company’s stock worth $29,000 after buying an additional 1,642 shares in the last quarter. Athena Capital Advisors LLC acquired a new stake in Freeport-McMoRan during the fourth quarter worth $30,000. Finally, TCG Advisors LP acquired a new stake in Freeport-McMoRan during the first quarter worth $33,000. Hedge funds and other institutional investors own 72.55% of the company’s stock.

Shares of NYSE:FCX traded up $0.22 on Thursday, hitting $10.81. The stock had a trading volume of 191,735 shares, compared to its average volume of 19,749,132. Freeport-McMoRan Inc has a twelve month low of $9.47 and a twelve month high of $18.14. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.41 and a current ratio of 2.79. The company has a market capitalization of $15.41 billion, a PE ratio of 7.11 and a beta of 2.27.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, April 25th. The natural resource company reported $0.05 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.03). Freeport-McMoRan had a net margin of 9.09% and a return on equity of 10.31%. The firm had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.77 billion. During the same quarter in the prior year, the firm posted $0.46 EPS. The firm’s revenue for the quarter was down 22.1% on a year-over-year basis. On average, analysts forecast that Freeport-McMoRan Inc will post 0.46 EPS for the current year.

In other news, CFO Kathleen L. Quirk bought 50,000 shares of Freeport-McMoRan stock in a transaction dated Friday, June 7th. The shares were bought at an average price of $10.49 per share, for a total transaction of $524,500.00. Following the purchase, the chief financial officer now owns 920,769 shares of the company’s stock, valued at $9,658,866.81. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Richard C. Adkerson bought 172,000 shares of Freeport-McMoRan stock in a transaction dated Thursday, June 6th. The stock was purchased at an average price of $10.14 per share, for a total transaction of $1,744,080.00. The disclosure for this purchase can be found here. 0.98% of the stock is currently owned by insiders.

A number of equities research analysts have weighed in on FCX shares. Citigroup upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $14.00 to $16.00 in a research note on Tuesday, February 19th. Zacks Investment Research upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research note on Monday, April 8th. Morgan Stanley downgraded shares of Freeport-McMoRan from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 13th. ValuEngine upgraded shares of Freeport-McMoRan from a “sell” rating to a “hold” rating in a research note on Monday, June 3rd. Finally, UBS Group set a $14.00 price target on shares of Freeport-McMoRan and gave the stock a “hold” rating in a research note on Friday, April 5th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $15.01.

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Freeport-McMoRan Company Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

Further Reading: What is intrinsic value?

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

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