Jennison Associates LLC reduced its stake in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 6.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 923,019 shares of the natural resource company’s stock after selling 67,362 shares during the period. Jennison Associates LLC owned about 0.06% of Freeport-McMoran worth $11,085,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. BB&T Securities LLC boosted its stake in Freeport-McMoran by 7.1% in the second quarter. BB&T Securities LLC now owns 127,555 shares of the natural resource company’s stock valued at $1,531,000 after buying an additional 8,507 shares during the period. Nippon Life Insurance Co. boosted its stake in Freeport-McMoran by 53.3% in the second quarter. Nippon Life Insurance Co. now owns 66,604 shares of the natural resource company’s stock valued at $800,000 after buying an additional 23,144 shares during the period. Blair William & Co. IL boosted its stake in Freeport-McMoran by 126.9% in the second quarter. Blair William & Co. IL now owns 69,694 shares of the natural resource company’s stock valued at $837,000 after buying an additional 38,980 shares during the period. Stelac Advisory Services LLC bought a new stake in Freeport-McMoran during the second quarter valued at about $514,000. Finally, Shikiar Asset Management Inc. boosted its stake in Freeport-McMoran by 15.3% in the second quarter. Shikiar Asset Management Inc. now owns 99,850 shares of the natural resource company’s stock valued at $1,199,000 after buying an additional 13,250 shares during the period. 67.94% of the stock is owned by institutional investors.

Freeport-McMoran, Inc. (NYSE:FCX) opened at 15.29 on Monday. The company has a market cap of $22.13 billion, a price-to-earnings ratio of 21.57 and a beta of 2.59. Freeport-McMoran, Inc. has a 1-year low of $9.24 and a 1-year high of $17.06. The company’s 50 day moving average is $13.97 and its 200 day moving average is $12.99.

Freeport-McMoran (NYSE:FCX) last released its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by $0.04. The business had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.67 billion. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.02) earnings per share. Equities research analysts forecast that Freeport-McMoran, Inc. will post $0.89 EPS for the current year.

COPYRIGHT VIOLATION WARNING: “Jennison Associates LLC Decreases Position in Freeport-McMoran, Inc. (FCX)” was originally reported by TheOlympiaReport and is the sole property of of TheOlympiaReport. If you are viewing this article on another website, it was illegally stolen and republished in violation of U.S. & international copyright legislation. The legal version of this article can be accessed at https://theolympiareport.com/2017/08/28/jennison-associates-llc-decreases-position-in-freeport-mcmoran-inc-fcx.html.

Several equities research analysts have issued reports on the stock. BidaskClub raised shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a research report on Thursday. Raymond James Financial, Inc. assumed coverage on shares of Freeport-McMoran in a research report on Tuesday, August 15th. They issued a “market perform” rating and a $15.00 price objective for the company. Zacks Investment Research raised shares of Freeport-McMoran from a “sell” rating to a “hold” rating in a research report on Friday, July 28th. Berenberg Bank set a $10.00 price objective on shares of Freeport-McMoran and gave the company a “sell” rating in a research report on Friday, July 28th. Finally, FBR & Co reissued a “market perform” rating and issued a $13.00 price objective (up from $12.00) on shares of Freeport-McMoran in a research report on Thursday, July 27th. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $14.32.

About Freeport-McMoran

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).

Institutional Ownership by Quarter for Freeport-McMoran (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 Analyst Ratings Network's FREE daily email newsletter.