Freeport-McMoRan Inc (FCX) Shares Sold by Frontier Investment Mgmt Co.
Frontier Investment Mgmt Co. trimmed its holdings in Freeport-McMoRan Inc (NYSE:FCX) by 35.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,472 shares of the natural resource company’s stock after selling 6,720 shares during the quarter. Frontier Investment Mgmt Co.’s holdings in Freeport-McMoRan were worth $236,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Harel Insurance Investments & Financial Services Ltd. bought a new position in Freeport-McMoRan in the 3rd quarter worth approximately $140,000. Rothschild Investment Corp IL bought a new position in Freeport-McMoRan in the 3rd quarter worth approximately $147,000. Belpointe Asset Management LLC bought a new position in Freeport-McMoRan in the 3rd quarter worth approximately $150,000. Fox Run Management L.L.C. bought a new position in Freeport-McMoRan in the 3rd quarter worth approximately $163,000. Finally, Americafirst Capital Management LLC bought a new position in Freeport-McMoRan in the 3rd quarter worth approximately $170,000. 69.84% of the stock is owned by institutional investors and hedge funds.
FCX has been the subject of a number of recent analyst reports. B. Riley set a $13.00 price objective on Freeport-McMoRan and gave the stock a “hold” rating in a report on Wednesday, December 6th. UBS Group increased their price objective on Freeport-McMoRan from $14.00 to $18.50 and gave the stock a “neutral” rating in a report on Tuesday, March 6th. Zacks Investment Research raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research note on Tuesday, November 14th. ValuEngine raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Tuesday, February 20th. Finally, Scotiabank reaffirmed a “hold” rating and set a $19.00 price target on shares of Freeport-McMoRan in a research note on Monday, January 8th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $16.75.
Shares of Freeport-McMoRan Inc (NYSE:FCX) traded up $0.18 during trading hours on Wednesday, hitting $18.66. The stock had a trading volume of 12,497,251 shares, compared to its average volume of 19,760,000. Freeport-McMoRan Inc has a one year low of $11.05 and a one year high of $20.25. The firm has a market cap of $27,060.00, a P/E ratio of 20.06 and a beta of 2.41. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.14 and a quick ratio of 1.37.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, January 25th. The natural resource company reported $0.51 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $4.89 billion. During the same quarter in the prior year, the firm earned $0.25 EPS. The company’s quarterly revenue was up 15.2% compared to the same quarter last year. research analysts expect that Freeport-McMoRan Inc will post 2.31 earnings per share for the current fiscal year.
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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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