Freeport-McMoran, Inc. (FCX) Position Boosted by Westside Investment Management Inc.
Westside Investment Management Inc. increased its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 2.6% during the first quarter, Holdings Channel reports. The firm owned 23,450 shares of the natural resource company’s stock after buying an additional 600 shares during the period. Westside Investment Management Inc.’s holdings in Freeport-McMoran were worth $315,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Meridian Wealth Management LLC bought a new stake in Freeport-McMoran during the fourth quarter valued at $896,000. Bluestein R H & Co. bought a new stake in Freeport-McMoran during the fourth quarter valued at $287,000. Diligent Investors LLC bought a new stake in Freeport-McMoran during the fourth quarter valued at $264,000. Bayesian Capital Management LP bought a new stake in Freeport-McMoran during the fourth quarter valued at $369,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Freeport-McMoran during the fourth quarter valued at $278,000. Institutional investors and hedge funds own 69.85% of the company’s stock.
Freeport-McMoran, Inc. (NYSE:FCX) traded down 0.70% during trading on Friday, hitting $11.42. The stock had a trading volume of 22,596,202 shares. The stock has a market capitalization of $16.52 billion, a PE ratio of 61.07 and a beta of 2.55. The stock’s 50-day moving average is $11.82 and its 200-day moving average is $13.59. Freeport-McMoran, Inc. has a 52-week low of $9.24 and a 52-week high of $17.06. Freeport-McMoran also saw some unusual options trading on Friday. Stock investors acquired 17,353 put options on the company. This is an increase of approximately 138% compared to the typical daily volume of 7,279 put options.
Freeport-McMoran (NYSE:FCX) last issued its quarterly earnings data on Tuesday, April 25th. The natural resource company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by $0.01. Freeport-McMoran had a net margin of 1.11% and a return on equity of 7.97%. The company had revenue of $3.34 billion for the quarter, compared to the consensus estimate of $3.51 billion. During the same period in the previous year, the business earned ($0.16) EPS. Freeport-McMoran’s revenue for the quarter was down 5.3% compared to the same quarter last year. On average, analysts predict that Freeport-McMoran, Inc. will post $1.03 earnings per share for the current fiscal year.
Several research firms recently weighed in on FCX. Deutsche Bank AG cut shares of Freeport-McMoran from a “hold” rating to a “sell” rating and cut their price target for the company from $14.00 to $12.50 in a report on Tuesday, February 21st. Citigroup Inc. began coverage on shares of Freeport-McMoran in a report on Tuesday, February 21st. They issued a “neutral” rating and a $16.00 price target on the stock. FBR & Co reiterated a “hold” rating on shares of Freeport-McMoran in a report on Tuesday, February 21st. Cowen and Company reiterated a “buy” rating on shares of Freeport-McMoran in a report on Tuesday, April 11th. Finally, Vetr cut shares of Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $14.64 price target on the stock. in a report on Monday, April 10th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Freeport-McMoran currently has a consensus rating of “Hold” and a consensus price target of $13.66.
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.
Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoran, Inc. (NYSE:FCX).
Receive News & Ratings for Freeport-McMoran Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoran Inc. and related companies with MarketBeat.com's FREE daily email newsletter.