Riverhead Capital Management LLC lowered its stake in Freeport-McMoRan Inc (NYSE:FCX) by 57.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 28,234 shares of the natural resource company’s stock after selling 38,021 shares during the quarter. Riverhead Capital Management LLC’s holdings in Freeport-McMoRan were worth $328,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of FCX. TCG Advisors LP bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $33,000. Rational Advisors LLC boosted its position in shares of Freeport-McMoRan by 107.0% during the 2nd quarter. Rational Advisors LLC now owns 3,261 shares of the natural resource company’s stock valued at $38,000 after acquiring an additional 1,686 shares during the last quarter. Bremer Bank National Association bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $53,000. Valeo Financial Advisors LLC boosted its position in shares of Freeport-McMoRan by 92.3% during the 2nd quarter. Valeo Financial Advisors LLC now owns 4,684 shares of the natural resource company’s stock valued at $54,000 after acquiring an additional 2,248 shares during the last quarter. Finally, Glassman Wealth Services boosted its position in shares of Freeport-McMoRan by 5,990.1% during the 1st quarter. Glassman Wealth Services now owns 5,542 shares of the natural resource company’s stock valued at $71,000 after acquiring an additional 5,451 shares during the last quarter. Institutional investors and hedge funds own 72.71% of the company’s stock.

FCX has been the subject of a number of research analyst reports. Royal Bank of Canada upgraded Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and lifted their price target for the company from $12.00 to $14.00 in a research report on Wednesday, July 24th. Deutsche Bank upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and increased their price target for the company from $12.50 to $13.50 in a research report on Wednesday, July 10th. UBS Group set a $13.00 price target on shares of Freeport-McMoRan and gave the company a “hold” rating in a research report on Wednesday, June 26th. JPMorgan Chase & Co. reduced their price target on shares of Freeport-McMoRan from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 9th. Finally, Raymond James reiterated a “market perform” rating and set a $13.00 price target on shares of Freeport-McMoRan in a research report on Thursday, July 25th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $13.79.

Shares of Freeport-McMoRan stock traded up $0.53 on Friday, hitting $10.90. The stock had a trading volume of 719,092 shares, compared to its average volume of 17,941,718. The company has a quick ratio of 1.32, a current ratio of 2.66 and a debt-to-equity ratio of 0.56. Freeport-McMoRan Inc has a one year low of $8.58 and a one year high of $14.90. The stock has a market cap of $15.05 billion, a price-to-earnings ratio of 7.16 and a beta of 2.42. The stock’s 50-day simple moving average is $9.81 and its two-hundred day simple moving average is $11.32.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.54 billion. Freeport-McMoRan had a net margin of 4.11% and a return on equity of 4.08%. The business’s revenue was down 31.4% on a year-over-year basis. During the same quarter last year, the business earned $0.59 earnings per share. As a group, equities analysts predict that Freeport-McMoRan Inc will post 0.15 EPS for the current fiscal year.

Freeport-McMoRan 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.

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

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